Concert promoter UnUsUaL Limited will not be releasing its quarterly financial statements, following amendments to the SGX Catalist rules effective Feb 7. The company will forgo reporting its 1QFY2021 results, with its next announcement, 1HFY2021, due Nov 14.
“The Company believes that Half-Yearly Reporting coupled with timely updates on material developments are sufficient to keep the market informed of the Company’s state of affairs,” says CEO Leslie Ong in a press release on Jul 29.
“Notwithstanding the cessation of Quarterly Reporting, the Company will continue its proactive engagement with stakeholders through its various communication channels and comply with its continuing disclosure obligations to provide relevant and timely updates of material developments as and when they arise.”
Founded in 1997, events company UnUsUaL Limited is a 39.21%-owned subsidiary of mm2 Asia. It was subsequently listed on the SGX-ST Catalist board as UnUsUaL Limited on Apr 10, 2017.
Earlier this year, the company was forced to postpone large-scale events such as the JJ Lin concerts in Australia and Hong Kong. Other events in Asia have also been affected in tandem with the escalating coronavirus outbreak.
In a Feb 12 note, RHB Group Research analyst Jarick Seet said UnUsUaL will bear the brunt of the virus outbreak in 4QFY2020, as the group grapples with the postponement of JJ Lin’s Australia and Hong Kong concerts.
“All in all, we expect the postponement of concerts to result in FY2020F-FY2021F to be cut by 23% and 23% respectively,” said Seet.
Prior to Feb 7, an issuer on the Singapore Exchange Securities Trading Limited (SGX-ST) with market capitalisation in excess of $75 million was required to undertake quarterly reporting of its financial statements for each of the first three quarters of its financial year, and to publish the financial statements no later than 45 days after the quarter end.
As of February 7, the SGX-ST has removed this market capitalisation threshold for quarterly reporting, instead adopting a risk-based approach.
Pursuant to the new risk-based approach, an issuer is required to undertake quarterly reporting if it has received an adverse opinion, qualified opinion or disclaimer of opinion from its auditors on the issuer’s latest financial statements; or its auditors have expressed a material uncertainty relating to going concern on the issuer’s latest financial statements (together, the Revised Quarterly Reporting Requirement).
Issuers that are not subject to the Revised Quarterly Reporting Requirement will be required to report their financial results for the first half of the year and the full year.
As at Jul 29, UnUsUaL closed 6 cents down, or -4.05%, at 14.2 cents.
