Article summary
- The delay in filing the audited financial statements for the year ended December 31, 2022, and the 2023 Q1 unaudited statements was due to the need to consolidate the financial statements of Presco Plc and Sat Nigeria Limited (SNL), the recently acquired subsidiary of Presco Plc.
- The company believes that these accounts will be ready for uploading on or before May 25, 2023, and May 26, 2023.
- The company’s closed period restricting insiders from transacting in the shares of the company commenced on January 1, 2023, and will continue until 24 hours after the release of the accounts.
The board of Presco Plc has notified its shareholders, Nigerian Exchange Limited, and the investing public that the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2022, and the 2023 Q1 Unaudited Financial Statements of the Company have not been filed by the due date.
This was contained in the company’s statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
Reasons for the delay
According to the statement signed by Patrick Uwadia, the Company Secretary, the delay in filing the Audited Consolidated Financial Statements of the Company for the year ended December 31, 2022, and the 2023 Q1 Unaudited Financial Statements of the Company for the three months ended March 31, 2023, was due to the need to consolidate the financial statements of Presco Plc and Sat Nigeria Limited (SNL), the recently acquired subsidiary of Presco Plc.
The company stated that the directors have assessed the status of work on the conclusion of the group audited financial statements of the group for the year ended December 31, 2027, and the unaudited consolidated financial statements of the group for the three months ended March 31, 2023, and believe that these would be ready for uploading on or before May 25, 2023, and May 26, 2023, respectively.
- “The Company’s closed period restricting insiders from transacting in the shares of the Company commenced on January 1, 2023, and will continue until 24 hours after the release of the audited financial statements for the year ended December 31, 2022, and the unaudited financial statements for the three months ended March 31, 2023, to the public.
- Accordingly, no director, employee, person discharging managerial responsibility, advisers, consultants, of the Company and their connected persons may directly or indirectly deal in the shares of the company during the closed period,” the statement noted.
