Volga Gas PLC DELAY IN PUBLICATION OF 2019 ANNUAL REPORT (2789O)
May 29 2020 - 2:00AM
UK Regulatory
TIDMVGAS
RNS Number : 2789O
Volga Gas PLC
29 May 2020
29 May 2020
Volga Gas plc
("Volga Gas", or "the Company")
DELAY IN PUBLICATION OF 2019 ANNUAL REPORT
Volga Gas plc (LSE: VGAS), the oil and gas exploration and
production group operating in the Volga Region of Russia, announces
that there will be a delay in the publication of the Company's
audited financial results for the year ended 31 December 2019
("Final Results").
The delay is occasioned at the request of the Company's auditors
KPMG LLP and to reflect the additional time needed to complete
additional auditor reviews and Board investigations into the
effectiveness of the Group's internal control and risk management
systems and the potential introduction of a number of measures to
strengthen them.
As disclosed in the Company's Preliminary Results Announcement
on 7 April 2020, the Audit Committee appointed external consultants
to conduct a forensic examination of the process for appointment of
sales agents, and the manner in which payments to these agents are
calculated. This was completed and the results delivered to the
Board and shared with the Company's auditors.
The auditors have not reached a conclusion and continue to
consider the wording of their Audit Report. It now appears
impractical for the Company to produce and distribute its 2019
Annual Report and Accounts to shareholders in time for the Company
to hold its Annual General Meeting before 30 June 2020.
Accordingly, the Company has requested and received an extension to
its filing deadline for its Final Results from 30 June 2020 to 30
September 2020.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information, please contact:
Volga Gas plc
Andrey Zozulya, Chief Executive Officer +7 (903) 385 9889
Vadim Son, Chief Financial Officer +7 (905) 381 4377
Tony Alves, Investor Relations Consultant +44 (0) 7824 884 342
S.P. Angel Corporate Finance LLP (Nominated
Adviser and Broker)
Richard Morrison, Richard Hail, Soltan
Tagiev +44 (0) 20 3470 0470
-----------------------
FTI Consulting (Financial PR)
Alex Beagley, Fern Duncan +44 (0) 20 3727 1000
-----------------------
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 or visit www.rns.com.
END
STREVLFLBELEBBK
(END) Dow Jones Newswires
May 29, 2020 02:00 ET (06:00 GMT)
Volga Gas (LSE:VGAS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Volga Gas (LSE:VGAS)
Historical Stock Chart
From Apr 2023 to Apr 2024