The rejections from SGX RegCo and ACRA came on Sept 10 and Sept 13 respectively.
On Aug 30, Ntegrator announced that it has applied for an extension of time to comply with the Catalist rules, particularly rules 705(1), 707(1), 707(2) and 711A.
Under the rules, Ntegrator must announce its unaudited financial statements for the FY2024 by Aug 29, or no later than 60 days after June 30.
It also has to hold its AGM by Oct 31, within four months of the end of its FY2024.
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Finally, the company has to issue its annual report and sustainability report by Oct 16 and Oct 31 respectively. The annual report has to be issued at least 14 days before its AGM and its sustainability report will have to be issued within four months of its financial year end.
According to Ntegrator, the company was unable to meet those deadlines due to the changes in its management and board of directors. The company also changed its financial year end to June 30 from Dec 31 previously. The change resulted in the company having to report its results for the last 18 months instead of 12 months.
At the time, Ntegrator said its new management lacked the time and resources needed to manage the additional workload.
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The company’s auditors, RT LLP, were also unable to provide its comments for the company’s FY2024.
“Due to the absence of an interim audit prior to year-end, the audit process will proceed directly to the final audit. Consequently, the volume of data and associated workload are significantly increased. Additionally, the inclusion of impairment assessments necessitates extended time for thorough evaluation by the audit team,” said Ntegrator in its Aug 30 statement.
With the delay in announcing its results, the company says it is unable to meet the timelines for its annual report, AGM and sustainability report. The sustainability report refers to the annual report to give the company’s shareholders a “complete and comprehensive view” of the company’s activities.
On Sept 11, Ntegrator said SGX RegCo rejected its extension request on Sept 10 to report its results later as there are “no extenuating reasons” to do so.
“The SGX RegCo reserves the right to take any action for breaches of the Catalist Rules and has informed the board to take immediate action to announce the company’s unaudited financial results for the financial period ended June 30 as soon as possible, issue its annual report and sustainability report and hold its AGM for the financial period ended 30 June 2024 prior to the relevant reporting deadlines,” says Ntegrator in its Sept 11 statement.
It adds that it is still looking for its new financial controller and that it is “committed” to expediting the completion of its results and subsequently the issuance of its annual and sustainability reports. The company also seeks to hold its AGM as soon as possible.
Trading of shares in Ntegrator has been suspended. Shares in the company last traded at 1.1 cents.
