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LGC Capital delays filing of its annual audited financial statements and has applied for a management cease trade order
LGC Capital delays filing of its annual audited financial statements and has applied for a...
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[{"type":"text","content":"\n\n\n\nLGC Capital delays filing of its annual audited financial statements and has applied for a management cease trade order\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Jan. 28, 2019\n\n\n\nMONTRÉAL, Jan. 28, 2019 /CNW Telbec/ - LGC Capital Ltd. (the \"Corporation\" or \"LGC\") (TSXV: LG) has delayed the filing of its audited annual financial statements for the year ended September 30, 2018, its related Management's Discussion and Analysis, and the Chief Executive Officer and Chief Financial Officer certifications (the \"Required Filings\"). The Corporation anticipates to be in a position to file the Required Filings no later than February 15, 2019.\nMany of LGC's investments are in the form of convertible debentures and net sales royalties in private cannabis companies.  The principle reason behind the Corporation's delay in meeting its reporting deadline can be directly attributable to the complexities of establishing the fair values under IFRS of these financial instruments in respect to the these private cannabis companies.\nThe Corporation's Required Filings will be made as soon as the Board of Directors has approved the financial statements and its auditors have delivered their final audit report.  \nApplication for Management Cease Trade Order \nThe Corporation has made an application to the Autorité des marchés financiers for a management cease trade order (\"MCTO\"), which would restrict all trading in securities of the Corporation, whether direct or indirect, by the Chief Executive Officer, Chief Financial Officer and directors of the Corporation. There is no guarantee that an MCTO will be granted. The issuance of an MCTO does not generally affect the ability of persons who are not executive officers or directors of LGC to trade in securities of the Corporation.\nIf the MCTO is granted, the Corporation intends to comply with the provisions of the alternative information guidelines as set out in the Policy Statement 12-203 respecting Management Cease Trade Orders for as long as it remains in ...