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Choppies fails to publish financial results

Choppies fails to publish financial results
April 24
09:42 2018
  • Contravenes BSE Listing Requirements
  • Faces possible suspension or termination of its listing from the BSE bourse

OAITSE MATHALA

The Botswana Stock Exchange (BSE) has issued a warning to Choppies Group after failure by the retail chain to publish its interim financial results within three months of the half year end. The Group contravened Section 3.19 of the BSE Listing Requirements, which require all companies listed in the BSE to publish their interim financial results within three months after their half year end.

Choppies’ half year ended on the 31st December 2017, and should have published its financial results on or before the 31st March, 2018. The BSE statement came 19 days after the last day in which Choppies should have published the results.

It read; “This notice serves to inform shareholders and market participants of the failure to publish the above stated (interim financial results) by Choppies Enterprises Limited (Choppies). The company has not published their interim financial statements for the half year ended December 2017 as per the timelines stipulated by the BSE Listings Requirements.”

The BSE concluded by cautioning the shareholders and market participants of the threat of suspension of Choppies’ securities and possible termination of its listing on the BSE. “This is made in compliance with section 3.21 (b) of the BSE Listings Requirements,” the statement said.

This publication sent a questionnaire to the BSE for further clarification on the matter, the BSE had not yet responded at press time.

However, Choppies’ Earnings Guidance for the Six Month Period Ended 31 December 2017 indicated that the Group expected an increase in earnings per share, for the six months ended 31st December 2018. It pointed out that its earnings per share for the current reporting period are expected to increase to between 5.65 thebe and 6.10 thebe per share.

“This is an increase of between 25 percent and 35 percent in comparison to the EPS of 4.52 thebe reported in the previous corresponding period. The company’s headline earnings per share are expected to increase to between 5.42 thebe and 5.88 thebe per share, an increase of between 20 percent and 30 percent in comparison to the HEPS of 4.52 thebe in the previous corresponding period,” the Group said, further noting that the increase in HEPS and EPS has been driven mainly by an improved performance by the South African operations.

The Group also, early this year, after what they said was an elapse of the ten-year rotation period of their external auditors, appointed PricewaterhouseCoopers, replacing former auditors KPMG.

The Board of the Group therefore, at some point this year, informed its shareholders that the publication of results for the half year ended 31st December, 2017 would be delayed and were expected to be published on or before 30th April, 2018.

“The Board of Directors of Choppies Enterprises Limited advises that they have instructed management to perform more detailed procedures on verification and valuation of inventory in conjunction with the new external auditor PricewaterhouseCoopers, appointed on 31st January, 2018. This process will only be completed by 30 April 2018 and hence creates uncertainty regarding the impact of any potential adjustments, if any, on the results,” the Group said.

 

 

 

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