Singapore, Singapore--(Newsfile Corp. - November 1, 2021) - Raffles Financial Group Limited(CSE: RICH) (FSE: 4VO) (OTCQX: RAFFF) announces today that it will miss its filing deadline of October 28, 2021, to file its audited annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the year ended June 30, 2021 (collectively, the "Annual Filings"), as required under applicable Canadian securities laws.
In connection with the Company's inability to file the Annual Filings on time, the Company has applied for a Management Cease Trade Order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and is waiting for the British Columbia Securities Commission approval. There is no guarantee that an MCTO will be granted. The Company is applying for a MCTO as a result of complexities caused by due to the COVID-19 pandemic, the Company and the Company's auditors have to carry out several additional audit procedures on account of the business operations being outside North America. This has impacted the Company's ability to complete its audited annual financial statements and has consequently caused a delay in completion of the Annual Filings.
The Company expects to file the Annual Filings as soon as they are available, but in any event on or before December 27, 2021 (two-month period contemplated by NP 12-203).
Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.
During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted.
About Raffles Financial Group Limited
Raffles Financial Group is listed on the Canadian Securities Purchase under the stock symbol (CSE: RICH), the Frankfurt Stock Purchase under the stock symbol (FSE: 4VO) and the OTC Markets under the stock symbol (OTCQX: RAFFF)
Raffles Financial Pte Ltd is the operating subsidiary of Raffles Financial Group Limited
Please visit www.rafflesfinancial.co for more information.
Raffles Financial Private Limited (a wholly owned subsidiary of Raffles Financial Group Limited) is an exempt corporate finance advisory firm, registered with the Monetary Authority of Singapore, which provides public listing advisory and arrangement services. RFP serves as advisor for family trusts, family offices and investment funds.
For more information, please contact:
Dong Shim
CFO
604-283-9853
Monica Kwok, Investor Relations
Phone: +65 6909 8765
Email: monica@rafflesfinancial.co
Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101547
