The Listing Committee of The Stock Exchange of Hong Kong Limited criticises Plus Holdings Limited for breaching paragraphs 8(1) and 11(1) of the then Listing Agreement
Regulatory
27 Jul 2004
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
The Listing Committee of The Stock Exchange of Hong Kong Limited
criticises Plus Holdings Limited (the "Company") for breaching
paragraphs 8(1) and 11(1) of the then Listing Agreement
At a disciplinary hearing held on4 May 2004, the Listing Committee conducted a hearing into possible breaches by the Company of its obligations under paragraphs 8(1) and 11(1) of the then Listing Agreement. The Listing Committee concluded that the Company was in breach of the said provisions and decided to impose a public statement which involved criticism on the Company.
The Company was required under: (i) paragraph 8(1) of the then Listing Agreement to send to its shareholders its annual report and audited accounts within four months of the end of its financial year; and (ii) paragraph 11(1) of the then Listing Agreement to publish in the newspapers its preliminary results in respect of its financial year end no later than four months after the date upon which the financial period ended. For the financial year ended31 March 2003, the Company's annual results and annual report (including audited accounts) were not published and sent until14 October 2003and21 October 2003respectively. The Company admitted breaching the said provisions.
"Listed companies are obliged to lodge their financial reports in a timely manner to ensure the market is fully informed. The Exchange will continue to take action against companies who fail their basic obligation to lodge financial reports on time." Head of Listing, Richard Williams said.