FTNCOCOA Announces Status Report

Proshare

Wednesday, March 13, 2019 / 12:50 PM / NSE / Header Image Credit: FTN Cocoa


FTN Cocoa Processors Plc ("FTN Cocoa or the Company"; wishes to notify its Shareholders and other stakeholders the reasons behind the non-convocation of the Company's Annual General Meetings for the past two years.

 

We appreciate the concern of the Regulatory authorities and our esteemed shareholders for their understanding on the peculiar condition of the Company which did not permit the Company to either hold the AGMs or declare dividends for some years now which was because of the unfavourable condition of the Company due to non-availability of he required working capital to procure Cocoa Beans.

 

The Company wishes to state that:

  • Various efforts being made by the Company to secure working capital both locally and internationally is yet to yield the desired result. in fact, one of the Company's foreign partners (Transmer Commodity USA) unfortunately had financial problems and went into liquidation. This led to a virtual closure of operations by FTN Cocoa for over two (2) years ago.
  • Staff salaries, statutory payments, Secretary and Auditors' fees with other financial obligations including listing fee are all outstanding. Moreover, almost all the staff of the Company has resigned their employment due to the Company's inability to pay their salaries.
  • Recently, the Company's head office was taken over by the bank for failure to meets its exposure to the bank, this has forced FTN Cocoa to go for a rented apartment as operational office.

 

In view of the above, Management of FTN Cocoa has been scouting for funds to save the Company from total collapse, The Company is glad to notify its stakeholders that some level of progress is being recorded in respect of the expected funding and there is hope that the Company will soon come out of the financial problem. The Company will keep its investors and other stakeholders posted on future developments. The Company is hopeful of holding its outstanding Annual General Meetings during the current financial year.


This update is being given in line with the rules of the Nigerian Stock Exchange.


We regret any inconvenience this situation has caused our esteem shareholders and assure them of the Companys continuous compliance to Regulatory requirements.

  

Visit FTN Cocoa Processors Plc IR Page in Proshare MARKETS

Graph - One Year Share Price Movement

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Table:  Q3 2019 Unaudited Results

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