Yamada Green Resources asks for more time to file results, saying fire damaged documents, hardware

SINGAPORE - Mainboard-listed Yamada Green Resources said late on Monday night (Sept 4A) that it has applied for more time to release its full-year financial results ended June 30, 2017 and to hold its annual general meeting, due to a fire incident.

The company, a major supplier of shiitake mushrooms, said it was informed by management on Aug 31 that a vehicle transporting certain finance documents and IT/computer hardware in Minhou County of Fuzhou City had gone up in flames at 2:30pm on Aug 30, with the driver suffering minor injuries.

The vehicle was moving the documents and hardware from the group's research and development (R&D) centre in Houyu Food Industry Zone to the its office premises in the Tie Ling Economic and Technological Development Zone, after management decided to consolidate the finance team and records at the office premises.

"The preliminary assessment of management is that a large part of the FY2017 and FY2018 finance documents for the company's subsidiaries, and part of the FY2010 to FY2016 finance documents of the company's subsidiaries, are likely to have been affected or destroyed by the fire," said the company.

It added that the affected finance documents include certain payment and receiving vouchers, invoices and banking-related advice and documents. Affected IT/computer hardware comprise office computers which contain records, back-ups and information on finance and related documents.

Yamada flagged a loss for the fourth quarter and full-year in a profit guidance on Aug 11.

On Aug 25, the Company said it was applying for more time to file its results and hold its AGM as it had experienced high staff turnover in the finance team, and the company's external auditors, BDO, required more time to perform and complete its audit procedures as the group expected to report a material loss for FY2017.

The loss was blamed on unfavourable factors in the group's cultivation business, such as bad weather conditions like typhoons and higher than average temperatures, rising labour costs of production and slowdown in the economy in China.

The company called for a trading halt on its shares at 7:50am on Aug 31.