6PM Holdings CA (Approval by BOD of Annual Financial Report)

Published: 28 February 2020

The following is a Company Announcement issued by 6PM HOLDINGS P.L.C., a company registered under the laws of Malta with company registration number C 41492 and having its registered office at Idox Business Centre, Triq it-Torri, Swatar, Birkirkara BKR 4012, Malta (hereinafter the “Company”), pursuant to the Listing Rules issued by the Listing Authority.

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Approval and publication of Annual Report and Audited Financial Statements

The Company announces that its Board of Directors has approved the Company’s Annual Report and Audited Financial Statements for the financial year ended 31st October 2019 by virtue of a resolution in writing signed by all of the Directors of the Company on 28th February 2020, pursuant to the articles of association of the Company.

The Board of Directors shall be recommending to the Annual General Meeting of the Company that no dividend be declared.

The Company notes that, in terms of Listing Rule 5.16.24, the Board of Directors has determined that the results set out in the aforesaid Annual Report and Audited Financial Statements for the financial year ended 31st October 2019 differ by more than ten percent (10%) from previously published forecast financial information, which variance threshold was breached as a result of lower revenue streams and lower operating costs when compared to the previously published forecast financial information. This reduction has been attributed to internal team restructuring, investment in improved sales governance which has contributed to a reduction in cost base, together with limiting the Company’s business to a selection of more lucrative deals, respectively. The Company has also faced higher finance costs than previously anticipated, as higher interest was charged on an increased level of intercompany loans. Furthermore, the Company used a higher level of group relief with respect to taxation than initially anticipated, which, in turn, further contributed to the variance to the previously published financial forecasts.

The Company further announces that the Board of Directors resolved that the aforesaid Annual Report and Audited Financial Statements be submitted to the shareholders of the Company for their approval at the forthcoming Annual General Meeting scheduled to take place on Monday, 23rd March 2020 at 2nd floor, 1310 Waterside, Arlington Business Park, Theale, RG7 4SA, United Kingdom.

Copies of the Company’s Annual Report and Audited Financial Statements for the financial year ended 31st October 2019, as approved, are available for viewing below as an attachment to this announcement and at the Company’s registered office, and are also available for download from the following link on the Company’s website: 6PM Holdings plc annual report and financial statements 2019.

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Dr Luca Vella
Company Secretary
28th February 2020