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 LifeTec Group Limited (the Company) for breaching paragraphs
8(1) and 11(1) of the then Listing Agreement
At a disciplinary hearing held on 20 July 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 ended 31 December 2000, the Company's annual results and annual report (including audited accounts) were not published and sent to shareholders until 1 August 2001 and 13 August 2001 respectively. The Company admitted breaching the said provisions.
"From next year trading in shares of issuers who fail to complete their financial reports in time, will be suspended. Accordingly, the need to maintain proper record keeping and other arrangements to ensure financial reports are issued in a timely fashion will become even more important." Head of Listing, Richard Williams said.