You’re late! Five companies suspended for missing reporting deadline
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Last Friday was the latest reporting deadline for ASX companies. Half-yearly auditors reports and directors statements were due.
But there are often a handful who miss the deadline and this time five companies have. The five companies are Jiancheng International Group (ASX: JCI), Kazakhstan Potash (ASX: KPC), Laramide Resources (ASX: LAM), RNY Property Trust (ASX: RNY) and Sunbridge Group (ASX: SBB).
Of these, only two had warned shareholders this was coming.
Sunbridge sought a trading halt on Thursday and was granted one. The company requested it because it was “assessing the impact of a prior year adjustment”. However it has not recommenced trading this morning.
When Kazakhstan Potash notified the market about an issue of shares to its employees and contractors, it took the chance to warn investors. However it said it did not expect its suspension to exceed a week.
The remaining companies? Two of them, Jiancheng and RNY Property, have not released any significant announcements since their half-yearlies. Jiancheng reported a $7.2m profit and RNY a $512,000 loss.
As for Laramide Resources, the Canadian-based uranium miner is dual-listed on the Toronto Stock Exchange. It’s possible it is waiting for the TSX annual reporting deadline, April 30, to lodge its accounts.
Stockhead has contacted the companies for comment.
No doubt shareholders will hope there will be a hustle to release their accounts.
One month ago, 11 companies got suspended for failing to lodge their half-yearly financial statements. Seven eventually lodged their accounts.
The four that failed to were: Rubicor (ASX: RUB), Simavitah (ASX: SVA), Silver Heritage Group (ASX: SVH) and VIP Gloves (ASX: VIP).
March 1 was a bad day in particular for Silver Heritage Group. It also got news it would no longer be able to operate table games at its Vietnam casino. While the company has been able to reach a US$5.3m settlement, it has not yet released its accounts.
Rubicor explained itself to shareholders, telling them: “This is no reflection of business operations or performance or indeed any irregularities, rather we’re simply delayed.”
VIP Gloves had also warned shareholders that the accounts would be delayed but promised it would be released by 15 March. However as of April 1, shareholders and the ASX are yet to hear from it.
The remaining stock, Simavitah, has literally said nothing.
One other stock is still suspended despite releasing its accounts – Carnegie Clean Energy. It released its accounts on March 6 but had a contract with the West Australian government terminated the next week.
What can shareholders learn from this? If this is a genuine delay or mistake, shareholders can expect them in the next week or two.
Otherwise, this may be the beginning of the end.