Further to the Company's announcements of 11 April and 25 May 2018, the Board of Air Partner has agreed with Deloitte LLP, the Company's auditor, that the Company will not be in a position to publish its annual audited accounts for the year ended 31 January 2018 by close of business on 31 May 2018. The Company is working together with Deloitte LLP to finalise the audit and expects the audited accounts will be published no later than Monday 11 June 2018.
Accordingly, the Board has requested that trading in the Company's ordinary shares on the London Stock Exchange be suspended with immediate effect pending publication of the audited accounts, following which the Company will request the suspension be lifted.
This unforeseen delay is a result of the volume of work required to complete the accounting review and its impact on the financial year audit and the prior year restatements. It is in no way related to the Company's current trading, cash flow, banking arrangements or any underlying issue.
Peter Saunders, Non-Executive Chairman of Air Partner, said:
"The delay to the publication of our full year accounts, and the resultant trading suspension, is extremely frustrating and hugely disappointing for all connected with Air Partner. However, it is a reflection of the volume of work, which began 7 weeks ago, to conclude a transparent, thorough, and exhaustive internal review and audit.
This delay is not related to the Company's current trading, cash flow, banking arrangements or any underlying issue. We thank our shareholders for their continued patience and support."