The Management of Japaul Gold and Ventures Plc (formerly known as Japaul Oil and Maritime Services Plc), has notified stakeholders of its inability to meet up with the regulatory time frame earmarked for the submission of its Unaudited Financial Statements for the second quarter of the year ended 30th of June, 2021.
This is according to a notice signed by the legal officer of the company, Babatunde Adewale, and sent to the Nigerian Exchange Group Limited (NGX).
According to the disclosure, the company was unable to meet up with the regulatory due date of 30th of July, 2021 due to an ongoing business diversification process which has not been finalized. In line with this reality, the firm sought and obtained the approval of NGX Regulation Limited (NGX RegCo) for an extension of time to file the accounts on or before 29th of September, 2021.
In addition, the company seized the opportunity to apologize for any inconveniences the delay might cause. It also reiterated commitments to ensuring that the accounts are filed within the extended timeframe granted by NGX RegCo.
Rationalizing the on-going diversification move, the firm noted that it is part of a strategic engagement aimed at repositioning the firm, from a loss position to a consistent and sustainable profit inclined position.
What you should know:
- This is not the first time Japaul Gold and Ventures Plc will default in filing its financial statements in due time. Recall that similarly, the firm announced that it won’t be able to file its Q1 2021 results within the regulatory due date of 30th of April, 2021