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Emas to resume regular financial reporting from November as restructuring progresses
EMAS Offshore plans to resume regular financial reporting in November, a key step for the oil and gas company to remain listed as it seeks to resolve its financial difficulties.
Emas, which is trying to restructuring its debt under a scheme of arrangement, will inform the Singapore High Court that it will prepare financial reports on a quarterly basis on the Oslo Bors and the Singapore Exchange, the two markets where Emas is listed.
The company expects to report unaudited results for the fiscal fourth quarter ended Aug 31, 2017, on Nov 30. Its unaudited results for the first quarter of FY18 - the three months ending Nov 30, 2017 - will be reported on Jan 12, 2018. Emas also expects to publish its audited annual report for the year ended Aug 31, 2016, on Dec 8, 2017.
Because of its financial difficulties, Emas has not been able to report its finances on a timely basis starting from its FY16 annual report, and the failure to publish that annual report has led the stock to be suspended in Oslo and Singapore since March 3.
On Sept 4, 2017, Emas announced an agreement with potential investors to inject US$50 million into the company.
"The company believes that the completion of the investment and the restructuring exercise will resolve the financial difficulties faced by the group and thereby enable the company to be in a position to publish the audited annual financial and quarterly unaudited financial," Emas said in an announcement.
Although the completion of that investment and the restructuring are not guaranteed, "the company believes that in the interim it is in the interest of the company's stakeholders and the restructuring that the company remains listed on the Oslo Stock Exchange and the Singapore Exchange", Emas added.