REG - Saietta Group PLC - Update re Audited Financial Statements

SaiettaAnnouncement

28/09/2023 09:30

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RNS Number : 9913N  Saietta Group PLC  28 September 2023

28 September 2023

Saietta Group Plc

("Saietta", the "Company" or the "Group")

 

Update re Audited Financial Statements for year ending 31 March 2023

 

Saietta Group plc (AIM: SED), the electric vehicle drivetrain ("eDrive")
specialist, provides the following update regarding the publication of its
audited financial statements for the year ended 31 March 2023.

 

Further to recent correspondence with the Company's auditor, BDO LLP, it has
been determined that the Company will not be able to publish its audited
financial statements for the year ended 31 March 2023 by 29th September 2023.

 

The Company has been informed that the delay in completion of the audit is due
to the review of the technical issues around accounting for the post balance
sheet event of the new agreements with Consolidated Metco Inc
("ConMet") which were signed on 1st August 2023.  Whilst this transaction
occurred after the year end, its occurrence impacts valuation for the
intangible assets of the Heavy Duty division at the year end and this was
identified as an area still under review in the Company's announcement on
Monday 25th September 2023.

 

Consequently, in accordance with Rule 19 of the AIM Rules for Companies, the
Company's ordinary shares will be suspended from trading on AIM with effect
from 7.30 a.m. on 2 October 2023, until the Company's audited financial
statements have been published, which is expected in early October.

 

 

David Wilkinson, Chairman of Audit Committee of Saietta said:

 

"It is very frustrating for all concerned that we have not been able to
publish our audited results by the end of this month. The Company has focused
very heavily on our core target market of lightweight electric vehicles (LEVs)
which offers the biggest, nearest and most certain commercial opportunities
and we are delighted to have recently announced a very significant purchase
order.

 

In line with this focused strategy, we restructured our operations in the
heavy-duty eDrive and marine divisions, this led to some more complex
technical accounting issues and have, in turn, required more time to resolve.
We look forward to publishing our audited results in due course and updating
shareholders on our commercial progress in the LEV market."

 

Ends

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

 

For any further enquiries, please contact:

 

 Saietta Group                              via FTI

 Tony Gott, Executive Chair

 Steven Harrison, Chief Financial Officer
 Canaccord Genuity (Nomad and Broker)       0207 523 8000

 Henry Fitzgerald-O'Connor / Harry Pardoe
 FTI Consulting (Financial PR advisor)      Tel: +44 (0) 20 3727 1000

 Ben Brewerton / Dhruv Soni                 saietta@fticonsulting.com

About Saietta Group plc

Listed on the London Stock Exchange's AIM, Saietta is a global business that
designs, develops and manufactures complete electric drivetrain (eDrive)
solutions for established manufacturers of a broad range of electric
vehicles.

Saietta's breakthrough proprietary technologies include AFT (Axial Flux
Technology) and RFT (Radial Flux Technology) motors, power electronics,
powertrain controls, mechanical axles, transmissions and vehicle control
units. Considerable flexibility is built into the core design, meaning
solutions can be quickly and cost effectively tailored to a specific
application.

Saietta works in a highly collaborative way with clients, driven by the belief
that partnership is key to delivering world-class tailored solutions at pace.
Saietta's engineering team takes time to deeply understand a client's brand,
target market sector, competition and the services they require. Then Saietta
develops a bespoke suite of products and services to fast-track the client to
production with eDrive solutions which deliver a sustainable competitive
advantage.

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