Possible delay in delivery of Annual Report
19 Abril 2010 - 1:10PM
UK Regulatory
TIDMNTY
RNS Number : 4296K
Network Technology PLC
19 April 2010
Monday - 19 April 2010
Network Technology ("Network Technology" or the "Company")
Possible delay in delivery of Annual Financial Report and proposed shareholder
resolutions
Network Technology announces that due to the current Air Traffic Control
disruption to flights in and out of Europe and the Company's CFO, Hanne
Bollmann's, inability to return from the US to the UK, it is possible that the
annual audit will not be completed in time to satisfy the UKLA requirements to
deliver the annual financial report for the year ended 31 March 2010 by the end
of July. It is also possible that the Professional Oversight Board ("POB") of
the Auditing Practices Board may insist on a shadow directorship to take control
of the audit report which may result in the filing of unaudited accounts pending
the outcome of the POB's stance.
In addition, with the increasing burden of regulation and the inability of the
Company to use its UK listing to raise funds in order to progress its new
product lines, the Board considers it in the best interests of shareholders to
take the company private and relevant resolutions will be put to shareholders at
the Annual General Meeting of the Company in due course.
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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