REG - DCI Advisors Ltd - Temporary Suspension

DCI AdvisorsAnnouncement

18/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240618:nRSR7599Sa&default-theme=true

RNS Number : 7599S  DCI Advisors Limited  18 June 2024

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

DCI Advisors Ltd

(the "Company" or "DCI")

Delay in Publication of Annual Results

and

Temporary Suspension

 

18 June 2024

 

The Board of the Company provides the following update with respect to its
annual results for the year ended 31 December 2023 ("Annual Results").

 

Delay in Publication of Annual Results

 

DCI's auditor is KPMG Cyprus in cooperation with KPMG Greece and KPMG Croatia
who audit the assets in those respective countries. DCI has been informed that
KPMG Cyprus had, as of 4 June 2024, not started the audit due to operational
issues at KPMG Greece, and therefore the audit is expected to take until at
least 9 August 2024.

The issues at KPMG Greece relate to KPMG Greece (which has been DCI's Greek
auditor for many years) wanting to undertake a new onboarding process for DCI,
of which the Board of DCI was unaware until mid-May. While this onboarding
process was successfully finalised at the end of May 2024 the audit will not
be finalised on time for the deadline of 30 June 2024.

The Board intends to issue unaudited annual results for the 12 months to 31
December 2023 on 28 June.  Further, the Board does not anticipate that the
audited results when published will differ materially from these unaudited
results once the audit is complete in mid-August, at which time the audited
annual results will be issued.

The Board would like to state that as earlier mentioned robust sale plans has
been identified for each asset in the portfolio.  Sales processes for Kilada,
Aristo Developers and Livka Bay have started and the Board hopes to give an
update on some of these soon. Also initial discussions have started for
selling the land banks in Greece.

 

Temporary Suspension

 

As noted above and as stipulated by Rule 19 of the AIM Rules for Companies
(the "AIM Rules"), the Company is required to publish its Annual Results by 30
June 2024. As the Company has been informed by its auditors KPMG Cyprus in
cooperation with KPMG Greece  that they will be unable to meet this deadline,
resulting in the Company expecting to be unable to publish its Annual Results
in line with the timing requirement, trading in the Company's ordinary shares
on AIM is expected to be suspended with effect from 7.30 a.m. on 1 July 2024
pending publication of the Annual Results. Suspension from trading will be
lifted with the publication of the Annual Results in due course which is
currently expected in August 2024.

 

Further announcements will be made when appropriate.

 

Enquiries

 DCI Advisors Ltd

 Nicolai Huls / Nick Paris, Managing Directors                          nick.paris@dciadvisorsltd.com

                                                                        +44 (0) 7738 470550
 Cavendish Capital Markets (Nominated Adviser & Broker)

 James King / Jonny Franklin-Adams / Edward Whiley / Oscar Valeur-Adu
 (Corporate Finance)

                                                                      +44 (0) 20 7220 0500
 Pauline Tribe (Sales)
 FIM Capital Limited (Administrator)                                    llennon@fim.co.im (mailto:llennon@fim.co.im) / gdevlin@fim.co.im

                                                                      (mailto:gdevlin@fim.co.im)
 Lesley Lennon / Grainne Devlin (Corporate Governance)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  SUSBUGDLDUBDGSR