Ince misses latest results deadline, prolonging share suspension
“Then who’s a naughty boy? Who forced us to make another announcement?”
Ince Gordon Dadds was unable to meet its final deadline to release its long-delayed financial results.
The public company’s shares have been suspended from trading since it announced in December that it would not be able to release its 2022 results.
Ince first said that “the complexity of historical and legacy accounting issues” meant his new auditor, BDO, “needed more time to complete its outstanding audit work,” but that the issue would be resolved by Jan. 31.
When that deadline expired, the company announced a “brief delay” caused by “a number of outstanding technical issues” and told the market to expect results by February 10th.
The 10th was inconclusive and Ince promised BDO was “in the final stages of quality control” and needed “about two more weeks”.
About two weeks later, the company informed weary shareholders and smiling onlookers that BDO had made “further questions in the final phase of quality control”. They’re “tackling,” Ince said, so everyone should look forward to “early March.”
As mid-March began on Monday, Ince, now a senior partner, admitted that “unfortunately, the group’s auditor, BDO LLP, has not yet completed its work”.
The last dog to eat his homework was “open affairs at the Hong Kong exam, which took longer than expected”.
Ashamed of four missed deadlines, the company has given up predicting when its results will be available. A further announcement will be made “as soon as possible after the conclusion of the examination”.
The company declined to comment on the debacle. However, shareholders were happy to share their thoughts. Echoing the company’s tagline, one commented, “You, Ince, and a bucket of shit — absolutely.”
“This delay is pretty incredible considering they have NOT released full year 2022 results,” one chastised investor posted.
“The worst thing is the endless broken promises of release dates, quite embarrassing when you re-read the RNSs and see how many times the goalposts have been pushed. Big violation of all SPS norms, something very broken here.”
“I’m sorry you’re locked in here,” a smug ex-shareholder said to a trapped Ince investor. “Pleased to have sold out prior to suspension. At this rate, the entire industry will have already switched to AI by the time they return to the market.”