28 Sep 2023 09:22
28 September 2023
Saietta Group Plc
("Saietta", the "Company" or the "Group")
Update re Audited Financial Statements for year ending 31 March 2023
Saietta Group plc (AIM: SED), the electric vehicle drivetrain ("eDrive") specialist, provides the following update regarding the publication of its audited financial statements for the year ended 31 March 2023.
Further to recent correspondence with the Company's auditor, BDO LLP, it has been determined that the Company will not be able to publish its audited financial statements for the year ended 31 March 2023 by 29th September 2023.
The Company has been informed that the delay in completion of the audit is due to the review of the technical issues around accounting for the post balance sheet event of the new agreements with Consolidated Metco Inc ("ConMet") which were signed on 1st August 2023. Whilst this transaction occurred after the year end, its occurrence impacts valuation for the intangible assets of the Heavy Duty division at the year end and this was identified as an area still under review in the Company's announcement on Monday 25th September 2023.
Consequently, in accordance with Rule 19 of the AIM Rules for Companies, the Company's ordinary shares will be suspended from trading on AIM with effect from 7.30 a.m. on 2 October 2023, until the Company's audited financial statements have been published, which is expected in early October.
David Wilkinson, Chairman of Audit Committee of Saietta said:
"It is very frustrating for all concerned that we have not been able to publish our audited results by the end of this month. The Company has focused very heavily on our core target market of lightweight electric vehicles (LEVs) which offers the biggest, nearest and most certain commercial opportunities and we are delighted to have recently announced a very significant purchase order.
In line with this focused strategy, we restructured our operations in the heavy-duty eDrive and marine divisions, this led to some more complex technical accounting issues and have, in turn, required more time to resolve. We look forward to publishing our audited results in due course and updating shareholders on our commercial progress in the LEV market."
Ends
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
For any further enquiries, please contact:
Saietta Group Tony Gott, Executive Chair Steven Harrison, Chief Financial Officer | via FTI |
Canaccord Genuity (Nomad and Broker) Henry Fitzgerald-O'Connor / Harry Pardoe | 0207 523 8000 |
FTI Consulting (Financial PR advisor) Ben Brewerton / Dhruv Soni | Tel: +44 (0) 20 3727 1000 saietta@fticonsulting.com
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About Saietta Group plc
Listed on the London Stock Exchange's AIM, Saietta is a global business that designs, develops and manufactures complete electric drivetrain (eDrive) solutions for established manufacturers of a broad range of electric vehicles.
Saietta's breakthrough proprietary technologies include AFT (Axial Flux Technology) and RFT (Radial Flux Technology) motors, power electronics, powertrain controls, mechanical axles, transmissions and vehicle control units. Considerable flexibility is built into the core design, meaning solutions can be quickly and cost effectively tailored to a specific application.
Saietta works in a highly collaborative way with clients, driven by the belief that partnership is key to delivering world-class tailored solutions at pace. Saietta's engineering team takes time to deeply understand a client's brand, target market sector, competition and the services they require. Then Saietta develops a bespoke suite of products and services to fast-track the client to production with eDrive solutions which deliver a sustainable competitive advantage.