Announcement in Relation to Publication of Audited Financial Statements

Apr 28, 2020 | Official Notices

The Board of Directors of Tum Finance plc (the “Company”) refers to Listing Rule 5.56 and the obligation of the Company to publish its annual financial report for the financial year ended 31 December 2019 (the “2019 Annual Financial Report”) by not later than 30 April 2020.

After having considered the Public Statement issued by the European Securities and Markets Authority on the 27th March 2020 regarding publication deadlines under the Transparency Directive (EU Directive/50/EU) and the circular issued by the Listing Authority on the same subject matter which followed later that day and as subsequently supplemented by the Listing Authority’s circular dated 17th April 2020 (the “Circulars”), the Board of Directors of the Company announces that the publication of the 2019 Annual Financial Report is being delayed by a period of up to two months. Accordingly, the Board of Directors of the Company announces that it expects to be in a position to publish the 2019 Annual Financial Report by not later than 30 June 2020.

Reference is furthermore made to: Listing Rule 5.61 and the obligation of Easysell Limited (C 9778) (the “Guarantor”) to publish its annual financial statements for the financial year ended 31 December 2019 (the “2019 Guarantor Annual Financial Statements”), by not later than 30 April 2020; and the circular issued by the Malta Financial Services Authority on the 20 March 2020 entitled ‘Timing of regulatory reporting due to the outbreak of COVID-19’, and the possibility for guarantors of issuers of listed instruments, such as the Guarantor, to apply for an extension to the statutory deadline for publication of its annual financial statements. In line with the requirements of the aforementioned circular, the Board of Directors of the Company announces that the Guarantor has sought and obtained the approval of the Listing Authority for a two-month extension to the said deadline for the publication of the 2019 Guarantor Annual Financial Statements.

Read the official announcement here.

The Board of Directors of the Company is informed that the Guarantor expects to be in a position to publish the 2019 Guarantor Annual Financial Statements by not later than 30 June 2020.

The reasons underpinning the need for an extension to the deadline for the publication of the 2019 Annual Financial Report and the 2019 Guarantor Annual Financial Statements stem from the impact of the COVID-19 pandemic, and measures adopted in response thereto by the subsidiaries of the Company (operators of the Retail Hub and Zentrum Business Centre in Qormi), upon which the Company is dependent. The adoption of such measures in compliance with directives issued by the Public Health Regulation Department and Superintendence of Public Health have resulted in the Board of Directors of the Company, the board of directors of the Guarantor, and the Company’s and Guarantor’s auditors, requiring further time to conclude the financial reporting and audit processes.

At this juncture, the Board of Directors of the Company wishes to reassure its bondholders that despite the current challenging environment and delay in publication of the Company’s and Guarantor’s audited financial statements, it is in a position to confirm that the Company will honour the forthcoming interest payment which shall fall due at the end of June, 2020.

The Board of Directors of the Company shall provide further information and updates to the market in respect of the subject matter of this announcement, as and when available.