DJ HK Bourse: Results Announcement From China Metal Resources Utilization Ltd.
For full details, please click on the following link:
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0715/2020071500988.pdf FURTHER DELAY IN PUBLICATION OF ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019
Reference are made to the announcements of China Metal Resources Utilization Limited (the
"Company", and together with its subsidiaries, the "Group") dated 30 March 2020 in
relation to Group's unaudited annual results for the year ended 31 December 2019 and dated
4 May 2020, 13 May 2020, 29 May 2020, 5 June 2020, 19 June 2020, 26 June 2020, and 9
July 2020 in relation to the delay in publication of audited annual results announcement for
the year ended 31 December 2019 and 2019 annual report of the Company and date of board
meeting ("Previous Announcements"). Unless the context otherwise requires, terms used
in this announcement shall have the same meaning as those defined in the Previous
Announcements.
The board ("Board") of directors of the Company wishes to provide further information in
relation to the further delay in the release of the 2019 Annual Results and 2019 Annual
Report to its shareholders. As mentioned in the Previous Announcements, whilst the audit is
progressing towards its conclusion, the Company has been informed that additional time is
still required for the Auditors to finalize the audit as it had also taken a longer time than
originally expected to complete certain works in the past few weeks.
The procedures in the coming weeks will be focused on, including but not limited to, the
followings: Management assessments on going concern and revised cashflow forecast of the Group;
. The Group's transactions with its major customers and suppliers;
. The Group's future financing plans regarding the liquidity position of the Group;
. Prepayment and other receivables and their subsequent utilization and settlement;
. The related party relationships and transactions of the Group; and
. -1- Goodwill impairment and contingent consideration assessments.
.
Upon discussion with the Auditor and based on the currently available information, the
Company expects that the aforesaid outstanding audit works will be completed on or before
31 July 2020 and the 2019 Annual Results and 2019 Annual Report will be uploaded by 31
July 2020.
The Stock Exchange has granted a waiver to the Company from strict compliance with (a)
Rule 13.46(2)(a) of the Listing Rules and extend the date by which the Company is required
to publish its 2019 Annual Results and 2019 Annual Report by 31 July 2020; and (b) Rule
13.46(2)(b) of the Listing Rules to hold its annual general meeting on or before 5 September
2020.
Source: Hong Kong Exchanges & Clearing
(END) Dow Jones Newswires
July 15, 2020 07:42 ET (11:42 GMT)