FFF back on listing
7 October, 2014, 12:00 am
THE suspension of trading in Future Forests (Fiji) Limited (FFF) shares and notes has been lifted with immediate effect as a result of the company releasing its audited financial statements to the market yesterday morning.
Trading of FFF shares and notes had been suspended on October 1, 2014, at 2.30pm because of a delay by FFF in releasing its audited financial statements to the market within three months from the end of its financial period.
SPSE chief executive Jinita Prasad says they understand that there was extensive work that had to be carried out by the company in assessing its forest inventory which resulted in the delay in finalising and submitting the year end accounts.
“SPSE appreciates the efforts and prompt action taken by FFF to address this compliance issue in a timely manner. The two securities in FFF can be traded from the normal trading session today, October 6, 2014,” Ms Prasad said.
FFF is Fiji’s first commercial hardwood forest plantation company specialising in the growing of teak trees (tectona grandis) for timber production and exports.
The sale of teak seedlings is the other core activity of the company.
The company said net loss for the company for the year ended June 30, 2014 was $385,355 (2013: net loss of $1.66million).
Included in the net loss for 2014, it said was a gain in fair value of plantations of $366,277 (2013: decrease in fair value of $882,549).
“The directors took reasonable steps before the company’s financial statements were made out to ascertain that the current assets of the company were shown in the accounting records at a value equal to or below the value that would be expected to be realised in the ordinary course of business.”
At the date of this report, it said the directors were not aware of any circumstances which would render the values attributable to the current assets in the accounts misleading.