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More time needed to produce accounts due to finance team's exit: ayondo

SOCIAL trading company ayondo has asked the Singapore Exchange (SGX) to give it more time to produce its unaudited accounts for the June and September quarters.

This is because the company no longer has a dedicated finance team to assist in the preparation of the results after it sold its subsidiary ayondo Markets in June, resulting in the departure of its entire finance team, ayondo said.

In June, ayondo's chief financial officer Sean Downey quit over "differences with the management" regarding ayondo Markets.

As well, the group has experienced senior staff turnover with the departure of its chief operating officer, chief talent officer and general counsel, chief product officer and chief business development officer pursuant to the sale of ayondo Markets, it said.

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Its interim chief executive officer Richard Mark Street also tendered his resignation in May and is serving notice presently.

As Mr Street is the sole remaining member of the group's management team, ayondo requires more time to collate the financial information and preparation of its results, it said.

Additional work is also required to deconsolidate ayondo Markets' accounts from the group's second-quarter results following the sale.

The delay in the finalisation of the second-quarter results will in turn delay the group's preparation of the third-quarter results, it added.

"The company is currently in the process of identifying suitable qualified accountants to be hired as outsourced or in-house personnel to perform the finance function of the group on a full-time or part-time basis," ayondo said.

Through its Catalist sponsor UOB Kay Hian, ayondo on Thursday applied to the SGX seeking a three-month extension to report its unaudited second-quarter results by Nov 14 instead of Aug 14.

It has also applied for a one-month extension to report its unaudited third-quarter results by Dec 14 instead of Nov 14.