Took the liberty.....4 Jun 2021 22:04
of sending an email to AM with the following question.......
Is it possible for you to kindly update myself, as a shareholder, as to when the relist back on to the LSE is likely to happen since we have now passed the end of May timeline that was RNS,d.
Below is his response.........make of it what you will.
....." The timing of such is dependant on meeting the regulatory requirements of the FCA. Unlike Canadian and US jurisdictions, the FCA has deemed the acquisition an RTO. As such we are required to present a proforma of 3 years of audited financial statements to IFRS standards. In the US, IFRS is not recognized and as such Atomic and it's entities did not, nor were required, to have their financial statements produced to these standards. In addition the Atomic corporate structure is one unique to the US. It did not have a shareholder but a member, as such it is classified as an S Corp. What this means is that under US corporate and tax law the corporate structure is designed to be tax beneficial solely to its member. In otherwords, all of the tax benefits flow directly down to the member.
To comply with the FCA regulations, all of this tax structure had to be unravelled and then recreated in audited financial statements under IFRS for the fiscal years 2017 through 2020. We have unsuccessfully represented to the FCA that this exercise is pointless as it has no meaning other than an exercise in form rather than substance. We would not be required to do this under US or Canadian securities regulations.
As you can see it has been a lengthy and costly exercise. We are though in the final stages. The timing of the FCA sign-off is out of our hands. That said, we have an army of accountants in the US and Canada as well as lawyers in the UK with accountancy advisors working on the file. Most importantly the exercise confirmed our due diligence that there are no skeletons in the closet."