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(Alliance News)- DX Group PLC said on Tuesday it sees a ‘material risk’ that its full-year results will be published more than six months after its share suspension, meaning its shares could be cancelled.
The Slough, England-based parcel freight, secure courier and logistics provider has been in talks to find a new auditor following Grant Thornton UK LLP's resignation in February. However, it said it has been ‘unable to agree’ a new appointment.
According to DX, Grant Thornton said it resigned over concerns about ‘actual or potential breaches of law’ by DX employees and the provision of inaccurate information to the corporate governance inquiry that didn't ‘give a full picture of the scale and seriousness of the facts’. DX said it disagreed with the reasons given by Grant Thornton.
DX Group was initially required to publish its audited results for the financial year ended July 3, 2021, by January 2, 2022.
Shares were suspended in January as it missed that deadline, and the firm now sees a ‘material risk’ it fails to publish the results six months after its share suspension, so by July 5.
‘If the company fails to comply with AIM Rule 19 by 7.30am on 5 July 2022, AIM Rule 41 requires London Stock Exchange PLC to cancel admission of the company's shares to trading on AIM,’ DX noted.
The company is in talks with potential new auditors ‘as a matter of urgency,’ it said.
On trading, DX Group added its performance has remained in line with expectations since the start of 2022.
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