MFS misses mid-month target, blames delayed subsidiary audit

 


MFS Capital Partners Limited which is working towards being reinstated by the Jamaica Stock Exchange has missed a 15-day target for delivery of delayed financials.

On January 15, the company announced via the Exchange “that there has been a further delay in the release of the company’s audited financial statements for the year ended June 30, 2024.

“This delay is due to additional queries received from the auditors concerning the ongoing audit of an associate company of our recently acquired subsidiary, MFS Limited. These queries have necessitated additional consultations with the auditors of the associated company.”

The Jamaica Stock Exchange (JSE) indicated via notice on its platform on December 31 that it had suspended the shares of MFS Capital Partners Limited.

MFS Capital Partners listed on the JSE in August 2022 by introduction after its takeover of SSL Venture Capital (SSLVC) in May that year. Its predecessor was also listed by introduction in 2018 after the failure of C2W Music, which raised $120 million in its initial public offer.

The December 31 JSE notice read: “The Jamaica Stock Exchange (JSE) wishes to advise the investing public that in keeping with JSE’s “Junior Market Rule Appendix 2, Part 4 (2) ( e) – Audited Annual Financial Statements and JSE Junior Market Rule Appendix 2, Part 4 (1) ( e) Quarterly Financial Statements, the JSE has taken the decision to immediately suspend trading in the shares of MFS Capital Partners Limited (MFS). This suspension is pending the submission of its 2024 Audited Financial Statements and 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024”.

The JSE added, “MFS Capital Partners Limited (MFS) has failed to submit to the JSE its Audited Financial Statements for the year ended June 30, 2024. As a result, the Company’s 2024 Audited Financial Statements, which became due on September 28, 2024, is ninety-three (93) days overdue as December 30, 2024.

“MFS has also failed to submit its 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024, which became due on November 14, 2024. As at December 30, 2024, the 1st Quarter Report is forty-six (46) days overdue.

“ Given the above the JSE has suspended the shares of MFS Capital Partners Limited (MFS) effective December 31, 2024.”

In yesterday’s notice the company, “MFS Capital Partners is working closely with the auditors and the management of MFS Limited to address these outstanding issues as a matter of priority. We are committed to ensuring that the financial statements are finalized and submitted at the earliest possible date.

“The Board and management sincerely regret the inconvenience caused by this delay and assure the public that all efforts are being made to resolve the matter expeditiously. We remain committed to maintaining transparency and upholding the trust of our stakeholders.”

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