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Baltic Oil Terminals (PAN)

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Wednesday 15 June, 2011

Baltic Oil Terminals

Statement re. Suspension

RNS Number : 4347I
Baltic Oil Terminals Plc
15 June 2011
 



 

15 June 2011

 

 

Baltic Oil Terminals Plc

 

Statement re Suspension of Trading and publication of Year End Accounts

 

 

The Board of Baltic Oil Terminals Plc (the "Company" or "Group") announces the suspension of trading in its ordinary shares on AIM as it has now become clear that the Company will not be in a position to send its audited accounts for the year ended 31 December 2010 ("Annual Accounts") to shareholders by 30 June 2011 as required under AIM Rule 19.  The suspension, which commenced at 7.30a.m. today, will remain in place until the Group's Annual Accounts have been announced and posted to shareholders.

 

The Company's businesses continue to perform in line with management's expectations.  The Company's operation in Rotterdam is 100 per cent let and generating significant cash returns.  As at 13 June 2011, the Group had £1.875 million in cash and, apart from normal trade creditors, has no bank or other debt arrangements.  The Group's financial position remains robust and its operations continue to generate cash in line with management expectations.  

 

In early 2011 the Company made significant changes to the senior management team at its operations in Kaliningrad, Russia which included the dismissal of a senior employee.  Following these changes it became clear that some of the local financial records had either been destroyed or removed and an attempt made at replacing these with falsified information.

 

The Directors do not believe that these actions have led to any previous financial information reported to the market proving erroneous, however, the Company has had to conduct an exercise to reconstruct the accounting records at its operations in Kaliningrad based on primary sources of information, in particular the receipts of inventory received into the terminals.  The Directors had expected that this process would have been completed by now.  However, they are now of the view that this process, and hence Grant Thornton's audit of the Annual Accounts, will now not be completed by 30 June 2011.

 

Following receipt of the initial results of the reconstruction of these accounting records, the Directors remain of the view that the results for the year ended 31 December 2010 will be in line with market expectations.  It is believed that the trading performance and financial position of the operations in Russia are not matters of uncertainty; rather it is the detail of the books and records and their current ability to be audited that is the issue.

 

A further announcement will be made in due course.

 

Enquiries:

Baltic Oil Terminals Plc

Tel: +44 (0)20 7993 9900

Richard Healey (Chairman)

Simon Escott (Chief Executive)




Arbuthnot Securities Limited

Tel: +44 (0)20 7012 2000

Hugh Field

Richard Johnson




Bankside Consultants

Tel: +44 (0)20 7367 8888

Simon Rothschild


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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