Kropz PLC (AIM:KRPZ) shares plunged over 40% after the emerging African phosphate producer revealed that its shares will be suspended from trading on AIM as it will not be in a position to publish its annual report and accounts for the year ended 31 December 2022 by today's deadline.
The company said its annual audit is still ongoing and is well progressed, and the company expects to publish the FY22 annual accounts in July 2023.
To sweeten the blow, Kropz announced that further sales of 33,000 tonnes of phosphate concentrate from Kropz Elandsfontein (Pty) Ltd during June 2023 bring sales to date to 130,000 tonnes.
In its brief statement, the company said its AGM will still be held today, as announced on 7 June 2023, and a subsequent shareholder meeting will be called to approve the annual accounts.
Ahead of the share suspension, Kropz stock was down 43.5% at 1.75p.