This is with reference to PSE EDGE Disclosure Notice No. DN00074-2021 dated June 9, 2021.
Please be advised that PAL has submitted its Annual Report (SEC Form 17-A) for the year ended December 31, 2020 (“2020 Annual Report”) and Quarterly Report (SEC Form 17-Q) for the period ended March 31, 2021.
In the Company’s 2020 Annual Report, the Exchange noted the disclaimer of opinion issued by SyCip Gorres Velayo & Co., the independent auditor of the Company, which stated that:
“Disclaimer of Opinion on the 2020 Consolidated Financial Statements
. . . .
We do not express an opinion on the accompanying consolidated financial statements. Because of the significance of the matters described in the Basis for Disclaimer of Opinion on the 2020 Consolidated Financial Statements section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements.”
Please refer to Annex A for further details, as well as the Independent Auditor’s Report attached to the Company’s 2020 Annual Report.
Under Rule 68, as amended, of the Securities Regulation Code (“SRC”), “(t)he AFS of companies covered by Part II of this Rule with an auditor’s opinion other than unqualified because of deviation(s) from the required financial reporting framework or due to a scope limitation imposed by the company, shall be considered a violation of this Rule.”
In accordance with Article VII, Section 17.3 of the Exchange’s Consolidated Listing and Disclosure Rules, as amended (the “Rules”), all reports (including financial statements) required to be filed with the Commission and the Exchange pursuant to Section 17.2 hereof shall be in such form, contain such information and be filed at such times as the Commission by rule shall prescribe. . . .”
Given PAL’s submission of the structured reports to the Exchange which contains material information, and subject to the determination by the Exchange of whether the Company is in compliance with the applicable provisions of the Securities Regulation Code (“SRC”) and the 2015 SRC Implementing Rules and Regulations, the Exchange will implement a trading halt on PAL shares starting 9:30 a.m. today, June 17, 2021.
The Exchange will inform the Trading Participants and the investing public of further developments on the matter.
For your information and guidance. |
NOTICE