Saietta Group PLC Update re Audited Financial Statements (9913N)
September 28 2023 - 3:22AM
UK Regulatory
TIDMSED
RNS Number : 9913N
Saietta Group PLC
28 September 2023
28 September 2023
Saietta Group Plc
("Saietta", the "Company" or the "Group")
Update re Audited Financial Statements for year ending 31 March
2023
Saietta Group plc (AIM: SED), the electric vehicle drivetrain
("eDrive") specialist, provides the following update regarding the
publication of its audited financial statements for the year ended
31 March 2023.
Further to recent correspondence with the Company's auditor, BDO
LLP, it has been determined that the Company will not be able to
publish its audited financial statements for the year ended 31
March 2023 by 29th September 2023.
The Company has been informed that the delay in completion of
the audit is due to the review of the technical issues around
accounting for the post balance sheet event of the new agreements
with Consolidated Metco Inc ("ConMet") which were signed on 1st
August 2023. Whilst this transaction occurred after the year end,
its occurrence impacts valuation for the intangible assets of the
Heavy Duty division at the year end and this was identified as an
area still under review in the Company's announcement on Monday
25th September 2023.
Consequently, in accordance with Rule 19 of the AIM Rules for
Companies, the Company's ordinary shares will be suspended from
trading on AIM with effect from 7.30 a.m. on 2 October 2023, until
the Company's audited financial statements have been published,
which is expected in early October.
David Wilkinson, Chairman of Audit Committee of Saietta
said:
"It is very frustrating for all concerned that we have not been
able to publish our audited results by the end of this month. The
Company has focused very heavily on our core target market of
lightweight electric vehicles (LEVs) which offers the biggest,
nearest and most certain commercial opportunities and we are
delighted to have recently announced a very significant purchase
order.
In line with this focused strategy, we restructured our
operations in the heavy-duty eDrive and marine divisions, this led
to some more complex technical accounting issues and have, in turn,
required more time to resolve. We look forward to publishing our
audited results in due course and updating shareholders on our
commercial progress in the LEV market."
Ends
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
For any further enquiries, please contact:
Saietta Group via FTI
T ony Gott , E xecutive Chair
Steven Harrison, Chief Financial Officer
Canaccord Genuity (Nomad and Broker)
Henry Fitzgerald-O'Connor / Harry Pardoe 0207 523 8000
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727
Ben Brewerton / Dhruv Soni 1000
saietta@fticonsulting.com
About Saietta Group plc
Listed on the London Stock Exchange's AIM, Saietta is a global
business that designs, develops and manufactures complete electric
drivetrain (eDrive) solutions for established manufacturers of a
broad range of electric vehicles.
Saietta's breakthrough proprietary technologies include AFT
(Axial Flux Technology) and RFT (Radial Flux Technology) motors,
power electronics, powertrain controls, mechanical axles,
transmissions and vehicle control units. Considerable flexibility
is built into the core design, meaning solutions can be quickly and
cost effectively tailored to a specific application.
Saietta works in a highly collaborative way with clients, driven
by the belief that partnership is key to delivering world-class
tailored solutions at pace. Saietta's engineering team takes time
to deeply understand a client's brand, target market sector,
competition and the services they require. Then Saietta develops a
bespoke suite of products and services to fast-track the client to
production with eDrive solutions which deliver a sustainable
competitive advantage.
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END
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