Golden Leaf to file 2015 results late, applies for MCTO
2016-04-27 09:15 ET - News Release
Shares issued 94,540,673
Mr. John Aird reports
GOLDEN LEAF HOLDINGS LTD. ANNOUNCES DELAY OF REQUIRED FILING
Golden Leaf Holdings Ltd. is anticipating a short delay in filing its 2015 annual audited financial statements, its related management's discussion and analysis, chief executive officer and chief financial officer certifications, and Ontario Form 13-502F1, which are required to be filed on or before April 30, 2016.
In connection with the anticipated delay, the Company has applied to the applicable Canadian securities regulators requesting that a voluntary management cease trade order ("MCTO") be imposed to restrict trading in the Corporation's securities by the Corporation's insiders, including the CEO and CFO, as opposed to an issuer cease trade order, which would restrict all trading in the Corporation's securities. The MCTO will be in effect until the Required Filings are filed or until it is revoked or varied. The MCTO will only affect management and the stock will continue to trade normally.
The Company and its auditor are in the process of completing the associated audit work, review and the Required Filings. The Corporation anticipates that the Required Filings will be completed on or before May 30, 2016 and would like to remind that this is the Company's first annual reporting requirement since Company completed its reverse take-over transaction in October 2015. Establishing the proper financial reporting and audit-level documentation has taken longer than usual. The Company's current CFO, hired in August 2015, has taken over from two previous interim CFOs. This has delayed the audit process.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in section 4.3 and 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default of the requirement to file the Required Filings on or before April 30, 2016. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.
The Company will be hosting a conference call today at 3:00 p.m. (ET) to discuss the foregoing matters. The conference call details are as follows:
Local Dial‐In Number: (785) 424-1052
Toll‐Free Dial‐In Number: (800) 894-5910
Conference ID: UPDATE2016
Program Title: Investor Update |
