(Alliance News) - PureCircle PLC said Monday its share trading suspension has taken effect from this morning, pending the publication of the full year results.
The sweeteners producer said a further update on the expected date for publication of full year audited results will be given "as soon as possible".
In late September, PureCircle reported a potential issue with the way that inventory was classified and valued with an aggregate value of up to USD30 million. Professional advisers were then hired to undertake an investigation.
"Investigations continue as to the root cause of the errors, but the board has seen no evidence that the issues arose as a result of any fraud or impropriety," PureCircle said in a statement.
As a result of the investigation, the company said it would be unable to publish its results for the year ended June by the end of October as required under listing rules. Consequently, shares in PureCircle would be suspended from trading on Monday pending the publication of the full year results.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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