HLO blames “technical oversight” with accounts.
Helloworld has just revealed that its shares are being suspended from trading on the Australian Securities Exchange (ASX) because of a failure to include some technical information in its recently released unaudited financial results.
When HLO’s 2019/20 figures were lodged in the evening of 31 August, they included notification that audited accounts were expected to be released on 15 October 2020. The company tonight said the “unusually lengthy period” between the preliminary report and the audited figures is “primarily due to the complexity caused by the current two month COVID lockdown in Melbourne”.
Tonight Helloworld apologised for failing to include notification that the lodgement extension deadline was being made under an ASX Class Waiver decision, and that it would immediately make a further announcement to the market if there was a material difference between the unaudited and audited financial statements.
“ASX have informed Helloworld that as a result of this breach the ASX will suspend HLO’s shares as a result of this oversight,” the company has advised this evening, with no relief or assistance to be provided by the ASX that might overlook the technical issue.
“HLO advises it will be applying to the ASX tomorrow for a case specific waiver in relation to this matter and is expediting the finalisation of its audited accounts,” the company said.
More details in Travel Daily tomorrow.