Inter Far East Energy Public : SET announces time extension for IFEC to repossess the qualifications in order to resume trading (Resume Stage)

Date/Time

18 Mar 2022 08:50:10

Headline

SET announces time extension for IFEC to repossess the qualifications in order to resume trading (Resume Stage)

Symbol

IFEC

Source

SET

Full Detailed News

                According to the announcement of the Stock Exchange of Thailand (SET) that Inter
Far East Energy Corporation Public Company Limited (IFEC) has entered into the
period for the repossession of qualifications in order to resume trading (Resume
Stage) from failure to submit the financial statements within specified period
which will reach the due date on April 1, 2022.

SET would like to announce the time extension for IFEC to repossess the 
qualifications  in order to resume trading until March 31, 2023. By that time,
if IFEC is unable to repossess the qualifications in order to resume trading,
SET may consider delisting the company's securities accordingly.

However, IFEC is still during the period for elimination of the grounds for 
delisting about performance and financial position as the audited financial
statements show that the equity is negative and also during the period for the
repossession of qualifications in order to resume trading (Resume Stage) as the
auditor issues a disclaimer opinion on the financial statements for 3
consecutive years. Consequently, IFEC still has duty to eliminate all causes of
delisting, including to repossess the qualifications in order to resume trading
within specified periods for each cause. In addition, the timeline for IFEC is
summarized as follows.
-    Period for the repossession of qualifications in order to resume trading 
(Resume Stage)
o    As the company submitted the late financial statements: The company must 
repossess the qualifications in order to resume trading within March 31, 2023.
o    As the auditor expressed opinion to the financial statements: The company must
 repossess the qualifications in order to resume trading within January 6, 2024.
-    As the company's equity is negative: The company must eliminate the ground for
 delisting within April 15, 2024.
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