Boxhill Technologies PLC Update on Annual Report and Accounts (8182X)
August 15 2018 - 2:00AM
UK Regulatory
TIDMBOX
RNS Number : 8182X
Boxhill Technologies PLC
15 August 2018
15 August 2018
BOXHILL TECHNOLOGIES PLC
("Boxhill", the "Group" or the "Company")
Update on Annual Report and Accounts
Further to the announcement of 1 August 2018 (the
"Announcement"), the Company confirms that it continues to work
with its auditors, KPMG LLP (the "Auditors"), to finalise the
annual report and accounts for the year to 31 January 2018 which
have been delayed due to the matters outlined in the Announcement
remaining outstanding.
As stated in the Announcement, the Auditors require certain
outstanding information from one of the Company's banks and the
final risk review relating to the high value transfer service
("HVTS") announced on 28 July 2017. Whilst it is expected that the
final risk review for the HVTS will be resolved shortly, for the
reasons set out below it is proving more difficult to obtain the
other necessary information required by the Auditors from one of
the Company's banks than originally expected by either the Company
or the Auditors. As a result, the timing of the successful
conclusion of the audit process is now difficult to forecast in the
short-term.
Following the dismissal of a former subsidiary director (the
"FSD"), a change to the bank account mandate of one of the Group
subsidiary companies (where the FSD was the sole authorised
signatory) has not yet been possible and therefore the requirement
of the Auditors for a year-end balance and status confirmation
letter cannot at this time be issued. The subsidiary company was
beneficially owned as part of the Group with the shares registered
in the name of the FSD as nominee and was part of the Emex sale as
announced on 12 July 2018 and completed on 30 July 2018. The
Company expects that a formal legal process will now need to be
followed to set up a new bank mandate and a confirmation letter to
be issued. The Company expects this process could take around 3
months. The Company requested on 22 May 2018 that the bank account
be frozen to protect balances while this process is completed.
Trading in the Company's ordinary shares of 0.1 pence each
remain suspended on AIM pending publication of the annual report
and accounts for the year to 31 January 2018.
For further information, contact:
Boxhill Technologies PLC
Lord Razzall, Executive Chairman
Website www.boxhillplc.com 020 7493 9644
Allenby Capital Limited (Nomad & Broker)
John Depasquale / Nick Harriss 020 3328 5656
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END
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