Share suspended due to delay in publishing financial statement23 May 2023 19:34
Sealand Capital Galaxy Limited (LSE: SCGL) announces that there will be a delay in the publication of the Company's audited financial statements for the year ended 31 December 2022 ("FY22"). Further details are outlined below:
Delay and suspension:
The Company is currently working with its auditor, PKF Littlejohn LLP, to complete the audit of its annual financial statements for FY22 as soon as possible.
The Company operates primarily in Hong Kong and mainland China, and its preparations have been considerably disrupted by various lockdowns and other pandemic related consequences in those regions.
The Company will accordingly not meet the 30 April 2023 deadline required by the Financial Conduct Authority's ("FCA") Disclosure Guidance and Transparency Rules to publish its annual financial statements for FY22. As a result, the Company's shares will be temporarily suspended with immediate effect.
The Company will request a restoration of the listing of its shares on publication of its FY22 audited financial statements.
This follows an upbeat statement from CEO/Chairman that they have renegotiated with their Danish hair products supplier to now distribute to their to their exclusive clients without having to pay up front, in full, for the products, so improving their cash flow. To date, sales have far exceeded expectations and bodes well for the future as the Asian economy recovers from the pandemic.
Let's hope hope this is a small blip before SCGL bounces back and shoots up the index.