Ayondo to Postpone AGM, Financial Reports
Catalist-listed Ayondo said that there were logistics and delays caused by the coronavirus. Thus, it is applying with the Singapore bourse to postpone holding its annual general meeting. The firm also seeks to push back the deadline for filing its financial reports.
The company has submitted an application for an extension until August 17 to the Singapore Exchange Securities Trading Limited (SGX-ST). That is instead of its original date of June 29.
On its rationale for the deadline extension, they said that preparation for the statutory audit of the financial statements has been greatly affected. That was after the Singapore government announced a circuit breaker.
This included the closure of most workplaces. Except for essential services, a key economic sector, and tightening of the restrictions on movements and gatherings of people, it said.
Recent events related to COVID-19 have impacted Ayondo’s employees’ and directors’ ability to rely on timely information. It has also affected its ability to meet to approve its financial statements and management’s discussion and analysis.
It also made a request in order to complete the proposed change of its current auditors. Moreover, it wants to complete its quarterly reports after it experienced a senior staff turnover.
Ayondo Shares Suspended from Trading
Its shares have been paused and then suspended from trading since January 30, 2019. This was after it faced intense scrutiny over its financial situation and business viability issues. Regulators also raised concerns over its compliance requirements in the UK.
The social trading and brokerage firm had to submit a proposal, according to SGX’s listing rules. They then desire to resume trading within 12 months of this suspension date.
It was the first fintech company to IPO on the Singapore Stock Exchange (SGX). It then faced working capital deficiency from continued losses.
Recently, European and UK regulators hit them hard with regulatory changes regarding product intervention. That was according to its filings.
To resolve these issues, Ayondo tried to reduce its liabilities by selling its UK unit Ayondo Markets Limited (AML). They sold it for £5.7 million to its Netherlands-based white label partner, BUX Holdings.
The deal concluded in mid-2019 after Singapore’s regulators told Ayondo to put its plan to dispose of AML on hold. They were pending for clarity over its financial situation as well as compliance with the FCA in the UK.
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