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Triyards seeks extension to hold FY17 AGM and announce Q1 earnings

TRIYARDS Holdings Limited on Tuesday revealed that it has applied to the Singapore bourse for a waiver of the listing requirements to hold its FY17 annual general meeting (AGM) and announce its Q1 earnings.

The yard-operating unit of offshore marine firm Ezra Holdings had been required by the listing rules of the Singapore Exchange (SGX) to hold its AGM for the financial year ended Aug 31 by Dec 31 while having to announce its earnings for the first quarter ended Nov 30 by Jan 14, 2018.

Among the reasons cited for requesting a waiver relate to Triyards's restructuring plan. The company had anticipated that the restructuring plan would take place in or around December 2017 but due to unforeseen circumstances, the restructuring is currently still in process, Triyards said in a filing with the SGX.

As a result, Triyards has asked for an extension to hold its AGM by Mar 31 and annouce its first-quarter results by Feb 28.

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Triyards will also be making an application in due course to the Accounting and Corporate Regulatory Authority of Singapore for an extension of time to hold its annual general meeting by Mar 31, it added.

Based on the requirements for listed companies on the SGX, firms are required to hold annual general meetings not more than four months after the end of the financial year and must deliver quarterly earnings within 45 days after results were available.

Triyards shares are currently suspended.