Delay to Publication of 31 Dec 2025 Results
Trading suspension effective 1 July 2026 due to delayed publication of 2025 results; auditor access denied by acquirer.
- Disposal of MJF and South Yelemes $88 million
- Deferred consideration outstanding $5 million
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The Board of Caspian Sunrise updates the market with news of an expected delay to the publication of the 2025 financial statements.
Background
In July 2025 the Company completed the disposal of the MJF and South Yelemes structures on the BNG Contract Area for a headline price of $88 million of which there remains a $5m deferred consideration amount outstanding, which is due to be paid in monthly instalments over a 12 month period.
Despite numerous requests, the acquiring company has refused access to both the Company and the Company's auditors to the financial records now in their possession. To avoid an unnecessary further delay the Company is considering available options that would enable the issuance of the 2025 financial statements on the basis of the financial information it has access to.
Suspension
Under AIM Rule 19, the Company is required to publish its audited financial statements for the year ended 31 December 2025 by 30 June 2026. As a result of the audit access issues outlined above, the Company announces that the 2025 financial statements will not be finalised by 30 June 2026, and accordingly trading in the Company's shares on AIM will be temporarily suspended with effect from 7.30 a.m. on 1 July 2026, pending publication of the 2025 financial statements. The expected delay is anticipated to be a matter of weeks rather than months.
The Company will update shareholders and the market in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.