Ellies scrambles to finalise delayed results
The company's board will meet on Friday next week to finalise long-awaited financial results
The board of electrical products group Ellies meets on Friday next week to finalise long-awaited financial results amid concern that the delay sends the wrong signals. “We have scheduled a meeting with the board for January 18 and will hopefully have the matter resolved by then, get board approval to release the results, and should do so either the same day or shortly thereafter,” the company’s new CEO, Shaun Prithivirajh, told Business Day.
Investors had expected the results to be published at about the time of Ellies’s annual general meeting in early December, when shareholders opposed Prithivirajh’s appointment unsuccessfully. Now the reporting deadline of January 31 looms. Prithivirajh said this week the results were delayed over “contrary views” within the board as to how Ellies should account for a successful claim against a construction company. The funds were received during the interim period ended October. “This matter is a ‘below the operating line’ issue and has ...