Update on ongoing financial reporting processes
THE FOLLOWING IS A COMPANY ANNOUNCEMENT ISSUED BY 6PM HOLDINGS P.L.C.
[C 41492] (HEREINAFTER THE “COMPANY”) IN COMPLIANCE WITH THE LISTING RULES.
Following its company announcement dated 18th April 2018 (Ref. 6PM142), the Company wishes to provide further details regarding the delay in the publication of the Company’s audited annual financial statements for the financial period ended 31st October 2017, which delay is due to a number of factors.
Since the acquisition of the entire issued share capital of the Company by Idox plc towards the end of Q1 2017, the Company and its local subsidiary and related entities have gone through significant restructuring as part of on-going integration with the wider Idox Group. This process, along with the strengthening of the Company’s finance function locally and the unforeseen extension of the Idox
Group audit being carried out in the UK, has resulted in the delay in publication of the relative financial statements.
Among the changes undergone by the Company and its business over the past 12 months, the finances of the business and internal controls have been completely overhauled by being transferred to a wider Idox Group function to improve accuracy and accountability.
As a result of the foregoing, the Company’s 31st December 2016 financial statements were audited as part of the audit of the wider Idox Group and this highlighted a number of changes which are referred to in those accounts. As a consequence, a lower level of materiality has been adopted for the audit of
Idox plc and the wider Idox Group, which has caused a delay in the completion of the audit of the Company.
Moving forward, the Company believes that it has full visibility over the legacy issues highlighted in the financial statements published for the period ending 31st December 2016, which issues had significantly complicated the aforesaid integration process. As these issues are resolved and the integration of all functions is completed in the coming weeks, the Company expects all future
publication obligations to be fulfilled in a timely manner.
The Company wishes to thank all of its investors for their support and understanding over the past months and the coming weeks during which time the Company and the Idox Group shall continue to dedicate all resources necessary to assist the Company’s auditors in their audit process so as to ensure completion of the 31st October 2017 financial statements within the previously communicated
end of May 2018 time frame.
The Company will make such further announcements as may be necessary in due course.
Dr Luca Vella
25th April 2018