Afromedia admits failure, explains delay in releasing results

Afromedia Plc’s Board of Directors and Management today acknowledged that it has failed to meet the deadline required of it to ensure the release its financial statement for the period ended September 30th, 2016.

A statement issued to the Nigerian Stock Exchange (NSE) explained that the continued delay is due to the company’s inability to hold its Annual General Meeting (AGM) during which matters bothering of the financial statement would have been deliberated upon.

The statement went further to inform the NSE and the investing public that the company’s Board has elected to hold an AGM sometime in early 2019 which would cover the combined periods of September 30th 2016 and September 30th, 2017. This timeframe will give room for auditors to complete the company’s September 30th 2017 result, the statement said.

“The Board of Directors and the Management anticipate that the audit for the period ending 30 September 2017 will be completed before 31st December 2018, and the company will be in the position to call an annual general meeting on or before 31st March 2019.” – Afromedia

The company apologises for the inconveniences

According to the statement, the company offered apologies to its shareholders and other capital market stakeholders for all the inconveniences that the delayed result might have wrought.

The company also expressed its commitment to henceforth ensure that the required deadlines for the issuance of its subsequent financial statements are met. This is because they are now “committed to becoming compliant and adhering to the best corporate governance practices of all times.”

The company has been struggling

Faced with some challenges including competition posed by new media, Afromedia Plc has been struggling to remain relevant in the Nigerian advertising industry.

As we reported, the Nigerian Stock Exchange (NSE) earlier this year announced that it would punish the Afromedia, alongside twenty-seven others, for failing to meet the post-listing requirement of disclosing its financial result.

Incorporated in 1959, Afromedia Plc was Nigeria’s leading outdoor advertising agency for many years. Its stock today traded at 50 kobo on the NSE.

 

Source: Nairametrics

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