BCSC issues management cease trade order to CY Oriental
03 May '08
1 min read
CY Oriental Holdings Ltd announced that the British Columbia Securities Commission, as principal regulator, has issued a management cease trade order barring certain of the Company's insiders from trading CY Oriental shares until CY Oriental's audited financial statements for the fiscal year ended December 31, 2007 are filed.
Should CY Oriental fail to file the audited year end financial statements by June 30, 2008, the Canadian Securities Regulators may impose a cease trade order on all trading of the Company's shares until the financial statements are filed.
The filing delay is necessary to provide additional time to gather and review documentation relating to the Company's purchase and sales transactions. Currently, CY Oriental expects that such review will be completed in May 2008.
Further, as a consequence of the delay in filing the Company's audited financial statements, the Company has obtained from its trade finance lender, Maple Trade Finance, their consent to extend the filing of the audited financial statements until the end of May 2008.
Also, the Company is in the process of requesting a waiver from HSBC to extend the filing of the Company's audited financial statements pursuant to the terms of the Company's HSBC bank facility.
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