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CyanConnode Holdings - Change of Auditor and Financial Year End

RNS Number : 2703W
CyanConnode Holdings PLC
10 December 2019
 

10 December 2019

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Change of Auditor and Financial Year End

 

CyanConnode (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that RSM UK Audit LLP has been appointed as the Company's External Auditor.

 

The QCA Corporate Governance Code recommends that the Audit Committee reviews the length of tenure of their external audit firm and when the audit contract should be put out to tender.  As no tenders have been carried out since 2003, the Audit Committee felt it appropriate for one to be carried out.

 

Following this tender process and Board review, RSM UK Audit LLP has been appointed as the Company's External Auditor for the financial period ending 31 March 2020.  This appointment is subject to approval by the Company's shareholders at the next Annual General Meeting to be held in 2020.  Deloitte LLP, the Company's previous External Auditor, did not participate in this tender and has confirmed to the Company that there are no matters connected with it ceasing to hold office which need to be brought to the attention of the members or creditors of the Company, for the purposes of section 519 of the Companies Act 2006.  The Board would like to extend its appreciation to Deloitte LLP for its many years of service.

 

As part of continued operational efficiency and cost management, the Audit Committee has reviewed the alignment of the Company's financial year end with that of its Indian subsidiary, CyanConnode Private Limited.  The Committee concluded it rational and more practical to use the financial year end of its Indian subsidiary, being 31 March.  The year end of its Swedish subsidiaries will also be changed to 31 March to align with the rest of the Group.  Consequently, the Company also announces that it will be changing its accounting reference date and financial year end from 31 December to 31 March.

 

Therefore, the Group's next three financial reporting events will be as follows:

 

(i)           Publication of unaudited interim accounts for the six-month period ended 31 December 2019 - by 31 March 2020;

 

(ii)          Publication of audited accounts for the fifteen-month period ended 31 March 2020 - by 30 September 2020; and

 

(iii)         Publication of unaudited interim accounts for the six months ended 30 September 2020 - by 31 December 2020.

 

- Ends -

 

 

 

 

Enquiries:

 

CyanConnode Holdings plc

Tel: +44 (0) 1223 225 060

John Cronin, Executive Chairman

www.cyanconnode.com

 


Arden Partners Plc (Nomad and Broker)

Tel: +44 (0) 20 7614 5900

Paul Shackleton / Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)

 

 

Yellow Jersey PR (Financial PR)

Sarah Hollins/ Annabel Atkins 

 

Tel:  +44(0) 20 3004 9512

[email protected]

About CyanConnode

CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication.  As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

 

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

 

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

 

For more information, please visit www.cyanconnode.com.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: CyanConnode Holdings PLC

Price: 1.95

Market: AIM
Market Cap: £3.56 m
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