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Technics Oil & Gas applies for time extension to release FY2017, Q1 2018 financial statements, hold AGM
TECHNICS Oil and Gas Limited has applied to the Singapore Exchange (SGX) and the Accounting and Corporate Regulatory Authority for an extension of time regarding the release of its financial statements for the fiscal year ended Sept 30, 2017 and the first quarter ended Dec 31, 2017, as well as convene its annual general meeting (AGM) for fiscal year 2017.
In a release through judicial managers Deloitte & Touche, Technics said that it needs more time as the company is still in the process of extensive restructuring, and it "would be more logical and meaningful, and less confusing to shareholders and investors", for the company's financial accounts to be announced and the AGM to be held after the company is discharged from judicial management.
In an SGX filing on July 25 on behalf of Technics, Deloitte & Touche said that they had been granted High Court approval to extend judicial management of the company until Jan 16, 2018.
Technics shares have been suspended from trading since June 2016.