Hong Kong-listed NewOcean Energy Holdings Limited on Tuesday (22 March) said it has experienced difficulties in preparing preliminary annual results of the Group for the year ended 31 December 2021.
The development was due to the relocation of the headquarters to Mainland China and the departure of a considerable number of Hong Kong management and account staff who were unable to accept the relocation of their place of work.
This difficulty was compounded by the unforeseen severity of the spread of COVID-19 recently taking place in Hong Kong and the Mainland China and the stringent prevention measures of the governments in different locations.
Due to the above circumstances, the Group will resume its preparation of the preliminary annual results announcement and complete the annual audit process upon the relaxation of the prevention measures and travel restrictions caused by the pandemic.
The Board expects that there will be a delay in publication of preliminary annual results announcement and annual report of the Group under the requirement of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
Based on preliminary assessment, it is expected that the audited annual results announcement and the annual report of the Group for the year ended 31 December 2021 will be published on or before 31 July 2022.
Following the expected delay on publication of audited annual results announcement and the annual report of the Group for the years ended 31 December 2021, the annual general meeting of the Company will also be postponed to early September 2022.
The Company has sought legal advice and considered that the delay in convening the annual general meeting will not contravene the relevant requirements under the laws and regulations in Bermuda (i.e. Companies Act 1981) and the Bye-law of the Company.
Manifold Times earlier reported bunkering firm NewOcean Energy, a subsidiary of NewOcean Energy Holdings, officially beginning its “soft touch” debt restructuring process on 21 December.
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Related: NewOcean Energy HQ relocates to mainland China, Executive Director resigns
Related: NewOcean Energy officially begins ‘soft touch’ debt restructuring process
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Photo credit: NewOcean Energy Holdings Limited
Published: 23 March, 2022
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