On 29 June 2012 MediLink's ordinary shares of 5 pence each ("Ordinary Shares") were suspended from trading on AIM pending publication of the Group's audited annual accounts for the year ended 31 December 2011. The delay in finalising the audit was principally related to postponement in consolidation of the Group's non-Malaysian subsidiaries. The Group is currently in the final stages of completing the audit of the Group's consolidated financial statements and expects to be in a position to publish their audited accounts by early September.
For the year ended 31 December 2011 the Group anticipates reporting revenue of approximately £1.85 million which remains in line with the Board's expectations. However the Group now anticipates reporting a loss after tax of approximately £3 million which is materially behind the Board's previous expectations. The Group's out-turn for the financial year ending 31 December 2011 has been negatively impacted by certain non-cash adjustments totalling approximately £2 million. This is split roughly equally between: (i) a goodwill impairment; and (ii) a share based payment charge as a result of the transfer of 16.1 million Ordinary Shares in November 2011 by Shia Kok Fat (MediLink's CEO) to certain key employees for nil consideration. These adjustments are approximate and subject to final review and confirmation by the Company's auditors.
The Group's Ordinary Shares remain suspended from trading on AIM pursuant to AIM Rule 19 pending publication and posting to shareholders of the audited accounts.
Further announcements will be made by the Group as appropriate.
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