Chagala Group Limited
1 May 2018
Delay in Publishing Accounts and Related Suspension of Trading
Chagala Group Limited (LSE:CGLO) (the “Company” or “Chagala” and, together with its subsidiaries, the “Group”) is a specialist services and facilities provider to the oil and gas industry in Kazakhstan with its Ordinary Shares (ISIN: VG1574371129) admitted to trading on the London Stock Exchange’s Main Market.
The board of directors of the Company (the “Board”) announces that the publication of the Company’s audited consolidated accounts as of and for the year ended 31 December 2017 (the “FY 2017 Accounts”) will be delayed beyond 30 April 2018 due to a delay in completion of the audit of such accounts. The audit is currently expected to be completed by 15 July 2018.
The delay in completing the audit of the FY 2017 Accounts does not reflect any issues concerning the underlying trading or economic position of the Company, which has continued in line with the Board’s previous expectations following the announcement of the Company’s interim results on 31 August 2017. There are no matters in connection with the delay in completing the audit which, in the view of the Board, need to be brought to the attention of shareholders.
The Disclosure Guidance and Transparency Rules (the “DTRs”) of the Financial Conduct Authority require a company to publish annual financial reports within four months after the end of the financial period to which they relate. As a consequence of the expected delay in the publication of the FY 2017 Accounts beyond 30 April 2018, the Board has requested that the listing of the Company’s shares be suspended from today’s date until the publication of the FY 2017 Accounts. Accordingly, trading in the Company’s Ordinary Shares will be suspended from 7:30am today until such time as the FY 2017 Accounts are published in accordance with the DTRs.
The imperative of the Board is to minimise the delay in completion of the audit and a further update will be given as soon as the Board is in a position to do so regarding the expected date of publication of the FY 2017 Accounts.
For more information:
|Francisco Parrilla, Chief Executive|
|Chagala Group Limited||+ 7 (727) 355 04 84|
Chagala invests in service companies focused on providing long and short-term accommodation solutions to domestic and international oil and gas companies developing Kazakhstan’s largest hydrocarbon discoveries. With investments in hotels, guest houses, serviced apartments, remote site facilities, restaurants and offices, Chagala is well positioned to capitalize on the oil and gas contribution being made in Kazakhstan.