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Allied Tech requests for time extension to hold AGM, release Q1 results

PRECISION engineering firm Allied Technologies announced on Wednesday that it is requesting for a further time extension from the Singapore Exchange (SGX) to hold its annual general meeting for FY18, release its financial results for the first quarter of FY19, and to issue its sustainability report for FY18.

The company said that the auditors need more time to complete the audit for FY18 as they are still reviewing management's responses and are also awaiting the provision of certain documents by the group in light of new developments relating to the missing funds held in the escrow account with JLC Advisors.

Allied Tech said that since the auditors' last review, there have been changes that require reassessment and additional audit procedures.

Auditors will have to relook the following issues: forecast and impairment issues for both the Asia Box Office and the Activpass acquisition given that the escrow funds have not been recovered; conduct a going concern assessment for all subsidiaries within the group; and review the treatment of the escrow funds.

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The financial statements for FY18 and certain key sections of the FY18 annual report will need to be updated, said the company.

SGX had earlier granted Allied Tech an extension of time to hold its AGM and announce its Q1 FY19 results by July 1, as well as to issue its sustainability report together with its annual report by June 14.

According to Catalist rules, Allied Tech was originally supposed to convene its AGM no later than Apr 30. It was also required to announce its Q1 FY19 results by May 15 as well as issue its sustainability report for FY18 by May 31.

The company also said that it is currently in the process of appointing a special auditor to look into the observations raised by the auditors, as directed by SGX.

It has also adjourned its EGM – originally convened on June 4 – to take place only after the completion of the special audit, with the date, time and place to be announced in due course.

Allied Tech made headlines in May when news broke that some S$33 million of its funds parked with JLC Advisors reportedly went missing while JLC managing partner Jeffrey Ong's whereabouts were unknown. He was later arrested and charged.