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Financial News

Jul 2014 Financial News

Publication of National Enterprises Limited 2013 Audited Consolidated Financial Statements

Jul 08, 2014

National Enterprises Limited (NEL) has informed the Stock Exchange that they will not be able to file their Audited Consolidated Financial Statements as at period ended March 31st, 2014, as required within the timeframe prescribed under the Securities Act, 2012 (“the Act”). NEL is required to publish its financials by June 30th, 2014. This occurrence is entirely due to circumstances beyond NEL’s control.

NEL’s sole revenue generating assets are the shares in its investee companies. In order to compile the captioned statements, NEL requires the 2013 Audited Financial Statements, with appropriate notes of the Telecommunications Services of Trinidad & Tobago (TSTT) one of its investee companies. TSTT has not, to date, completed and signed off on its 2013 Audited Financial Statements inclusive of the appropriate and applicable notes thereto. TSTT’s auditors have not completed their audit for the period ended March 2014 due to its Voluntary Separation Programme (VSEP/VEERP) offered to its employees.

Consequently, NEL has been unable to date to complete its Audited Consolidated Financial Statements because pertinent information from TSTT’s 2013 Audited Financial Statements must be incorporated and/or consolidated into NEL’s Audited Consolidated Financial Statements and their auditors PKF advised they could not complete their financials without TSTT audited financials.

NEL states that upon completion of their 2013 Audited Consolidated Financial Statements, they will publish them as required by “The Act”, they expect to do this before the end of July 2014.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday July 8, 2014