About the partial performance of the statutory audit of Aktsiaselts Silvano Fashion Group
03 Settembre 2024 - 4:35PM
UK Regulatory
About the partial performance of the statutory audit of Aktsiaselts
Silvano Fashion Group
Aktsiaselts Silvano Fashion Group (hereinafter
the Issuer) will perform the statutory audit of the annual
report for the financial year ending on 31.12.2024 as required
under the law and the rules of the Nasdaq Tallinn Stock Exchange
partially - the annual reports of the Issuer’s subsidiaries will be
audited separately pursuant to the laws of the jurisdiction of
their residence but the consolidated annual report of the Issuer’s
group proves to be impossible to audit.
Of the 11 subsidiaries in the Issuer’s group, 7
are located and operating in Russia or Belarus, whereas the
Issuer’s primary production and economic activity is conducted
through these companies. Due to the full-scale military invasion of
Ukraine by Russia, Estonian audit companies have terminated
cooperation with Russian and Belarussian audit companies and ceased
their own activity in these territories. At this time, it is also
restricted by sanctions imposed on Russia and Belarus. This means
that the annual reports of the Issuer’s subsidiaries located in
Russia and Belarus can be audited only separately and by local
service provides in accordance with the local legislation.
A formal audit of the consolidated annual report
of the Issuer’s consolidation group, i.e. an audit without a
substantive check of the financial data of the Russian and
Belarussian subsidiaries, does not provide additional reliability
of the financial data in the report.
A formal audit of the consolidated annual report
of the Issuer’s consolidation group is also disproportionately
burdensome because as to date, the Issuer’s management board has
received a price quote from only one audit company whose bid is
several times higher than the market price.
The consolidated annual report of the Issuer’s
consolidation group will not be audited until the objective reasons
referred to herein cease to exist. The Issuer will analyse
alternative possibilities to provide additional assurances to the
shareholders of the Issuer as a listed company.
Grafico Azioni Silvano Fashion Group As (LSE:0FZD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Silvano Fashion Group As (LSE:0FZD)
Storico
Da Dic 2023 a Dic 2024
