Listed firms with FY-ends in Feb, March and April to get reprieve for release of full-year results

LISTED firms with financial years ending in February, March, or April 2020 will get extensions for the release of their full-year unaudited results, in recognition of difficulties posed by Covid-19 measures, Singapore Exchange Regulation (SGX RegCo) said on Wednesday night.

Those with financial year-ends of Feb 29 or March 31 will get a two-month extension; their results are thus due by June 29 and July 30 respectively. Those with an April 30 year-end will get a one-month extension, so their results are due by July 29.

This waiver was granted in consultation with the Monetary Authority of Singapore, said SGX RegCo. While it is important for issuers to announce their unaudited full-year financial statements in a timely manner, "practical difficulties" have emerged due to the safe-distancing measures imposed during the Covid-19 outbreak.

During the revised circuit breaker, which will now end on June 1 instead of the original May 4, all non-essential businesses must stop operations at their workplaces. "Remote access to accounting and financial records may not always be feasible," noted SGX RegCo.

"This has a bearing on issuers whose full-year ended just before the start of or during the revised circuit breaker period, since the reporting timeline for them falls within or shortly after the revised circuit breaker period. We have, in light of this, decided to grant this waiver."

Issuers will need to notify SGX RegCo by e-mail, at automaticfswaivers@sgx.com, and make announcements via SGXNet. The notification and announcement should include the issuer's relevant financial year-end and an indicative timeline for the release of full-year unaudited financial statements.

They should also include confirmation from the Board of Directors that the time extension "will not be in contravention of any laws and regulations governing the issuer and its constitution", and that the issuer is ensuring adherence to its internal policies with regards to dealing by the issuer and its officers in its securities. No response will be required from SGX RegCo.