Business
Update re. publication of accounts and trading
Update re. publication of accounts and trading.
About this update from Pacsco Limited
[{"type":"text","content":"\n \nRNS Number : 8135C Agriterra Ltd 12 February 2020 \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n12 February 2020\nAgriterra Ltd ('Agriterra' or the 'Company')\nAgriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture \n \nUpdate re. publication of accounts and trading update\n \nAgriterra Limited, the AIM-quoted African agricultural company provides a further update to shareholders regarding the delays in publication of the Company's audited annual report and accounts for the year ended 31 March 2019 (the 'Annual Accounts'), and the Company's unaudited interim report and accounts for the six month period ended 30 September 2019 (the 'Interim Accounts'). \n \nAs noted in the Company's announcements on 30 September and 21 November 2019, due to an ongoing investigation into two incidents of theft at an operational level, the Company and its auditors were not able to finalise and release the Annual Accounts within the six month timeframe stipulated by AIM Rule 19 (being 30 September 2019). \n \nInternal investigations launched on the back of identifying the thefts have enabled management to conclude that these were isolated incidents and that there is not a systemic issue. The total theft quantum identified through these investigations amounts to US$18,700, of which US$7,200 has been recovered, resulting in a net loss to the business of US$11,500. The thefts related to weighbridge transactions, following which management has taken steps to upgrade the weighbridge software and to acquire automatic grain movement scales to prevent future recurrence in line with the guidance set out in the announcement of 21 November 2019. Furthermore, the staff involved in these thefts have been dismissed and the Company continues its efforts to recover the remaining amounts stolen. \nDespite the progress made by the internal investigation team, the Annual Accounts, and therefore also the Interim Accounts, remain unfinalised at the date of this announcement. The Company's auditors, BDO LLP ('BDO'), having consulted with forensic experts within BDO, have advised ...