Temporary Suspension
Updated : 07:01
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
DCI Advisors Ltd
(the "Company" or "DCI")
Delay in Publication of Annual Results
and
Temporary Suspension
18 June 2024
The Board of the Company provides the following update with respect to its annual results for the year ended 31 December 2023 ("Annual Results").
Delay in Publication of Annual Results
DCI's auditor is KPMG Cyprus in cooperation with KPMG Greece and KPMG Croatia who audit the assets in those respective countries. DCI has been informed that KPMG Cyprus had, as of 4 June 2024, not started the audit due to operational issues at KPMG Greece, and therefore the audit is expected to take until at least 9 August 2024.
The issues at KPMG Greece relate to KPMG Greece (which has been DCI's Greek auditor for many years) wanting to undertake a new onboarding process for DCI, of which the Board of DCI was unaware until mid-May. While this onboarding process was successfully finalised at the end of May 2024 the audit will not be finalised on time for the deadline of 30 June 2024.
The Board intends to issue unaudited annual results for the 12 months to 31 December 2023 on 28 June. Further, the Board does not anticipate that the audited results when published will differ materially from these unaudited results once the audit is complete in mid-August, at which time the audited annual results will be issued.
The Board would like to state that as earlier mentioned robust sale plans has been identified for each asset in the portfolio. Sales processes for Kilada, Aristo Developers and Livka Bay have started and the Board hopes to give an update on some of these soon. Also initial discussions have started for selling the land banks in Greece.
Temporary Suspension
As noted above and as stipulated by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company is required to publish its Annual Results by 30 June 2024. As the Company has been informed by its auditors KPMG Cyprus in cooperation with KPMG Greece that they will be unable to meet this deadline, resulting in the Company expecting to be unable to publish its Annual Results in line with the timing requirement, trading in the Company's ordinary shares on AIM is expected to be suspended with effect from 7.30 a.m. on 1 July 2024 pending publication of the Annual Results. Suspension from trading will be lifted with the publication of the Annual Results in due course which is currently expected in August 2024.
Further announcements will be made when appropriate.
Enquiries
DCI Advisors Ltd Nicolai Huls / Nick Paris, Managing Directors |
nick.paris@dciadvisorsltd.com +44 (0) 7738 470550 |
Cavendish Capital Markets (Nominated Adviser & Broker) James King / Jonny Franklin-Adams / Edward Whiley / Oscar Valeur-Adu (Corporate Finance) Pauline Tribe (Sales) |
+44 (0) 20 7220 0500 |
FIM Capital Limited (Administrator) Lesley Lennon / Grainne Devlin (Corporate Governance) | llennon@fim.co.im / gdevlin@fim.co.im
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