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AusGroup gets SGX nod for two-month extension to hold AGM

Wednesday, September 21, 2016 - 09:06

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Mainboard-listed marine services provider AusGroup has received Singapore Exchange's (SGX) approval for a two-month extension to hold its annual general meeting (AGM) for the financial year ended June 2016, on or before Dec 31.

MAINBOARD-LISTED marine services provider AusGroup has received Singapore Exchange's (SGX) approval for a two-month extension to hold its annual general meeting (AGM) for the financial year ended June 2016, on or before Dec 31.

The offshore firm had said it needed more time to hold the AGM as it was in the process of engaging another valuer for a more accurate and independent valuation of its major asset Port Melville and its port and marine business, which will ensure that the carrying value of the assets in the audited FY2016 statements are accurate.

It also said the audited full-year statements will not be ready in time for the company to hold its AGM by Oct 31.

A recent change in commercial circumstances has made the existing valuation by RSM Corporate Advisory Pte Ltd as at May 31, 2016, no longer true and fair from an accounting perspective, as the valuation was based on information and figures provided in April/May this year, said AusGroup.

"The recent changes (since) will have a material impact on the valuation where certain businesses and services to be provided as envisaged in the valuation by RSM will vary," said the company.

The additional capacity arising from these changes will be focused on new projects that may be secured based on an uptick in activities in the oil and gas sector in the Northern Territories region, it added.

AusGroup shares finished Tuesday at 4.2 Singapore cents.

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