WPP Scangroup board of directors has notified shareholders and the investing public over the ongoing delay in publishing its unaudited financial statements for the half-year period ending 30th June 2021, which were due on 31st August 2021.
“This is due to delay in publishing the financial statements for year ended 31st December 2020 as a result of ongoing investigations previously announced following management changes at the Company,” said the WPP Scangroup Board of Directors in a statement.
The audited end-year 2020 results were subsequently published on 1st September 2021.
The Board said it would publish the unaudited financial statements for the six months ending 30th June 2021 on or before 30th September 2021.
WPP Scangroup to hold virtual AGM on 30th September 2021
WPP Scangroup is also scheduled to hold its 15th Annual General Meeting(AGM), through electronic means, on the same Thursday 30th September 2021 at 11.00 am.
The firm’s directors have not declared any dividends to shareholders for the financial year ended 31st December 2020.
Apart from adopting a new Articles of Association for the Company, shareholders will also consider whether directors can create in the books of account of the Company a merger reserve account as permitted by section 388 of the Companies Act, 2015 to absorb past and future impairments of value on shares of subsidiary companies where the share premium created on the issue of the Company’s shares on the acquisition of such subsidiaries qualifies for merger relief under the conditions of section 388 of the Companies Act, 2015.
Directors will also be required to report in the Company’s annual report and audited financial statements the amount of share premium resolved by the Board (if any) to be transferred to the merger reserve.
