Royal Exchange Plc risked an N18 million fine over its inability to meet the deadline for financial statements submission for the second quarter period of 2021.
As a public listed company, the Nigerian Exchange Limited and the Securities and Exchange Commission (SEC) listing rules state that quarterly results must be released after 30 days of the end of each quarter.
The end of second quarter this year was June 30, and financials were expected to be submitted by the regulatory deadline of July 30, 2021, but Royal Exchange says it would be impossible to achieve.
The company recently announced that it will not be able to meet the deadline for the second quarter period of 2021.
Royal Exchange’s reason is attributed to its yet to be released Audited Financial Statements for the year ended December 31, 2020 and the Unaudited Financial Statements for the period ended March 31, 2021.
The company said the yet to be released Full Year ended 2020 financials and first quarter of 2021 will be submitted September 30, 2021 – after which it will follow up with the second quarter earnings report.
This means it will take Royal Exchange more than sixty days to release its second quarter financials for 2021. This will likely attract a N100, 000 fines daily for 90 days.
