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Financial News

Jul 2009 Financial News

CL audit halts Angostura trading

Jul 13, 2009

The outstanding financial audit of CL Financial is affecting its subsidiary companies, with the ongoing financial audit now resulting in the suspension of trading for Angostura Holdings Ltd (AHL) from the local stock exchange listing.

In a release yesterday, the Trinidad and Tobago Stock Exchange (the Exchange) said it had delayed the deadline date for submission of the important financial documents on two occasions-May 31 and July 10-and AHL was still unable to provide them. As a result, AHL will not be traded on the local stock exchange from Monday.

The Exchange said it could suspend trading in securities "where it is of the opinion that it is fair and reasonable to do so, having regard to the smooth and fair operations of the stock market".

In response to the suspension, Michael Carballo, CL Group Finance Director, said the audited financial statements had not yet been released.

He said concessions were made to the company on two occasions, but AHL was unable to deliver the documents because of the situation involving its parent company. Carballo said he expected the suspension to "last for a week or so".

"We have not been de-listed, this is a temporary suspension and we expect to be back on the stock exchange soon," Carballo said.

Article by: Renuka Singh
Source: Trinidad Express
Date published: July 11th 2009