Orchard Gate
12 Oct 2015
Is this the funniest RNS ever? The announcement dated 6th October 2015 was NOT authorized and/or issued by the Company.And the Board disagree to the announcement as follows: 1. "As part of its ongoing review of the Group's systems and controls": The Company has not been contacted by our resigned NED Nick Lyth and Nomad CAIRN on any system and control reviews since it was listed on 16th Oct. 2013. 2. " Cairn Financial Advisers LLP requested the Group to commission an independent review": The Board understand that CAIRN has been questioned by AIM (Relevant email has been sent to our NEDs on 11th Sept. 2015), mainly on 2014 year end result announcement, which was released on 27th Feb. 2015 -Why no qualified opinion and related party transactions were disclosed? We consider this is Nomad's negligent rather than our problem. 3. "The Board of the Group did not wish to proceed with this review": The Board didn't reject this suggestion and never reject any system improvement as longer as it is reasonable and necessary. We only received CAIRN's suggestion on 1st Oct. 2015 (Thursday afternoon) to appoint an independent reviewer by following Monday 5th Oct. 2015, this was during Chinese National Holiday period (From 1st Oct. 2015 to 7th Oct. 2015). Also, CAIRN has requested extra ’25,000 fees in this case. We reserve the right to claim any damage of our business and reputation.
