Royal Exchange says subsidiaries approval delay cause inability to submit results to NGX

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By Favour Nnabugwu



Royal Exchange Plc has explained the reason for the company inability to present its Audited Financial Statement and Unaudited Financial Statement to the Nigerian Exchange Limited during the stipulated period.

The company says the delay in the approvals of its subsidiaed was the reason for the organisation inability to meet up with the Nigeria Stock Exchange deadline

In a statement signed by the company secretary, Ngozika Onu, the management of Royal Exchange Plc sought to advise the company’s shareholders as well as the investing public that the company is unable to submit its Audited Financial Statement for the year ended December 31, 2020, and Unaudited Financial Statements for the period ended March 31, 2021, to the Nigerian Exchange Limited (NGX) within the timeframe required by the NGX.

The disclosure stated that the Year-end audit exercise for the group is yet to be concluded as the insurance and finance subsidiaries are still awaiting approvals from their regulatory bodies, that is, the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).

The company further assured its shareholders and the investing company, stating that upon the approval of the respective financial statements of both subsidiaries, the consolidation of the Group’s accounts for the year ended December 31, 2020, will be concluded and released to the public.

In addition, the Unaudited Financial Statements for the period ended March 31, 2021 will be prepared and approved by the Board of Directors for submission to the NGX and Securities Exchange Commission (SEC).

The company stated that it is optimistic that the pending financial statements would be made available and submitted on or before September 30, 2021.

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