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RT Briscoe delays release of financial statements amid N482.30m loss



RT Briscoe delays release of financial statements amid N482.30m loss

Automobile company, RT Briscoe, has announced a delay in the disclosure of its financial statement for the period of 2021 Full Year and the first quarter (Q1) of 2022 amid declining investments.

In a statement filed with the Nigerian Exchange Limited, RT Briscoe informed the investing public that it would be unable to meet the financial statements deadline issued to issuers of the capital market.

Companies trading on NGX are required to submit their audited financial results for Full Year 90 days after the end of the period which ends on the last day of December, according to listing rules.

But as other quoted companies release their financial records before ending of March, RT Briscoe said it can’t meet the deadline due “to the required referral of the accounts to the Financial Reporting Council of Nigeria for regulatory review.”

RT Briscoe will also fail to submit its Q1 financial statement, as the NGX listing rule states that no company is allowed to release any other financial results while still defaulting.

This was confirmed by the automotive firm, which said, “As a consequence of the provisions of the Exchange’s Listing Rules on filing of quarterly financial statements which preclude the Company from announcing subsequent interim accounts without having first filed its last audited financial statements, the filing of the Unaudited Financial Statements for the period ending 31st March 2022 (“2022 Q1 UFS”) would also be delayed.”

It stated that the investing public will have to wait till “on or before the 30th of June 2022.” for the release of the Full Year and First Quarterly financial statements.

Shareholders’ investment declining in RT Briscoe

The delay in release of its financials comes at a period shareholders investment in RT Briscoe is dwindling, losing 39.80% of it’s worth in the last eight days, after a bullish run in February.

According to analysis of RT Briscoe’s trading activity last month, shareholders investment had appreciated by 415%, as RT Briscoe stock surged to sell for N1.03 per share as of February 28, against the N0.20kobo it traded for in January.

Read also: Why Ellah Lakes, Flour Mills RT Briscoe are stocks-to-watch this week

This resulted to a gain of N976.37 million, but profit-taking activity among RT Briscoe’s short investors has cost shareholders almost half of the amount, losing N482.30 million of this gain in eight days

As of January ending, shareholders total investment was worth N235.27 million, before rising to N1.21 billion on February 28, but the value is down to N729.34 million following the sell off by short investors.

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