SES Imagotag tops SBF 120 on positive statements from external auditors

Vusion SA

29/06/2023 09:05

** Shares in SES Imagotag  SESL.PA  rise 13.5% after
external auditors Deloitte and KPMG issued positive conclusions
on the French smart digital labels specialist's revenue
calculations and transactions with its Chinese parent BOE
Technology
    ** SES Imagotag says external auditors concluded it did not
overstate revenue nor did the company buy and sell repeatedly on
round trip transactions between BOE, refuting allegations made
by hedge fund Gotham City Research
    ** Gotham City is still expected to publish the second part
of its report, including potential accounting irregularities
    ** "A number of factors lead us to believe that Gotham's
second report could be just as easily rebuttable as the first.
If we are right, SESL shares could take off quickly after the
publication of Part II," says Stifel in a note
    ** SES Imagotag's share price was 99.60 euros at 0759 GMT,
still around 40% down from the 166.8 euros before the
publication of Part I of Gotham's report
    ** The stock tops France's SBF 120 index  .SBF120 

($1 = 0.9163 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))