This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of
MAR.
DCI Advisors
Ltd
(the
"Company" or "DCI")
Delay in Publication of
Annual Results
and
Temporary
Suspension
18
June 2024
The Board of the Company provides
the following update with respect to its annual results for the
year ended 31 December 2023 ("Annual Results").
Delay in Publication of Annual Results
DCI's auditor is KPMG Cyprus in
cooperation with KPMG Greece and KPMG Croatia who audit the assets
in those respective countries. DCI has been informed that KPMG
Cyprus had, as of 4 June 2024, not started the audit due to
operational issues at KPMG Greece, and therefore the audit is
expected to take until at least 9 August 2024.
The issues at KPMG Greece relate to
KPMG Greece (which has been DCI's Greek auditor for many years)
wanting to undertake a new onboarding process for DCI, of which the
Board of DCI was unaware until mid-May. While this onboarding
process was successfully finalised at the end of May 2024 the audit
will not be finalised on time for the deadline of 30 June
2024.
The Board intends to issue unaudited
annual results for the 12 months to 31 December 2023 on 28
June. Further, the Board does not anticipate that the audited
results when published will differ materially from these unaudited
results once the audit is complete in mid-August, at which time the
audited annual results will be issued.
The Board would like to state that
as earlier mentioned robust sale plans has been identified for each
asset in the portfolio. Sales processes for Kilada, Aristo
Developers and Livka Bay have started and the Board hopes to give
an update on some of these soon. Also initial discussions have
started for selling the land banks in Greece.
Temporary Suspension
As noted above and as stipulated by
Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the
Company is required to publish its Annual Results by 30 June 2024.
As the Company has been informed by its auditors KPMG Cyprus in
cooperation with KPMG Greece that they will be unable to meet
this deadline, resulting in the Company expecting to be unable to
publish its Annual Results in line with the timing requirement,
trading in the Company's ordinary shares on AIM is expected to be
suspended with effect from 7.30 a.m. on 1 July 2024 pending
publication of the Annual Results. Suspension from trading will be
lifted with the publication of the Annual Results in due course
which is currently expected in August 2024.
Further announcements will be made
when appropriate.
Enquiries
|
DCI
Advisors Ltd
Nicolai Huls / Nick Paris, Managing
Directors
|
nick.paris@dciadvisorsltd.com
+44 (0) 7738 470550
|
|
Cavendish Capital Markets (Nominated Adviser &
Broker)
James King / Jonny Franklin-Adams /
Edward Whiley / Oscar Valeur-Adu (Corporate Finance)
Pauline Tribe (Sales)
|
+44 (0) 20 7220 0500
|
|
FIM
Capital Limited (Administrator)
Lesley Lennon / Grainne Devlin
(Corporate Governance)
|
llennon@fim.co.im
/ gdevlin@fim.co.im
|
