SINGAPORE (THE BUSINESS TIMES) - Allied Technologies has applied for an extension of time to hold its annual general meeting (AGM) for the year ended Dec 31, it said in a Singapore Exchange filing on Thursday evening.
It is asking for a six-month reprieve so it can hold its AGM by Oct 22 instead of April 30. It has also applied for an extension of about 19 weeks to issue its sustainability report for the year by Oct 7, instead of May 31.
Explaining its request, Allied Tech noted that during the last AGM on June 10, 2020, the company's auditor Ernst and Young was not reappointed.
"The Board has also been made to understand that a majority of the dissenting shareholders would like a change of auditor, and would not vote in favour of an ordinary resolution put forth at an extraordinary general meeting to be convened for the reappointment of EY," it said.
Allied Tech said it has approached some alternative audit firms, which have indicated that they require the special audit report "for their internal review as part of their client acceptance procedures".
The special audit, by PWC, had been commissioned in 2019 regarding certain concerns, including missing funds held in escrow with JLC Advisors.
As the special audit report has yet to be issued, Allied Tech cannot provide it to these alternative firms, and has thus been unable to appoint an auditor for its FY2020 financial results.
The extension of time which it is seeking takes into consideration the time needed for the alternative audit firms to complete client-acceptance procedures, time needed for the preparation of a circular for shareholders' approval of a new auditor, the notice period for an extraordinary general meeting to appoint an auditor, and the time required for the new auditors to conduct their audit, which Allied Tech said it understands may take three months or longer.
Allied Tech said it will also submit the necessary application to the Accounting and Corporate Regulatory Authority for an extension of time to hold its AGM, and added that it will provide further updates in due course.
