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One Communications Ltd., to Issue Audited Financial Statements by 31 August 2017
Hamilton, Bermuda – June 16, 2017 — In a filing with the Bermuda Stock Exchange (“BSX”), One Communications Ltd., (the "Company"; Ticker: ONE.BH), today announced it will issue its annual audited financial statements for the period ending 31 December 2016 on or before 31 August 2017, with the date of the Company’s annual general meeting to be set thereafter. The full filing stated:
One Communications Ltd. (the “Company”) will issue its annual audited financial statements for the period ending 31 December 2016 on or before 31 August 2017, with the date of the Company’s annual general meeting to be set thereafter.
In working through the annual audit for the period ending 31 December 2016, the Company determined that pursuant to applicable accounting standards, the accounting treatment for the Company’s May 2016 acquisition of Bermuda Digital Communications Ltd. (“BDC”) should have been as a “reverse acquisition” whereby BDC, rather than the Company, was the acquirer solely for accounting purposes. This adjustment is solely a result of a change in accounting treatment for the transaction and does not reflect changes in the operational or financial performance of the Company, the legal structure of the completed transaction or the ownership structure of the Company and its subsidiaries. BDC remains a wholly-owned indirectly held subsidiary of the Company.
Accordingly, the Company has requested and received an extension of time from the Bermuda Stock Exchange (“BSX”) to issue its audited financial statements for the period ending 31 December 2016 no later than 31 August 2017. The Company’s unaudited six month financial statements issued on 14 December 2016 for the period ended 30 September 2016 should not be relied on as they do not reflect the correct accounting treatment. In particular, it should be noted that the unaudited six month results reflected a provisional estimated accounting gain on the acquisition of BDC that will no longer apply, as BDC is now deemed to be the accounting acquirer.
In addition to the changes described above, the Company’s audited financial statements for the period ending 31 December 2016 and for future periods will reflect the change in the Company’s accounting standards from IFRS to U.S. GAAP.
Contact
Leslie Rans
One Communications Ltd.
lrans@onecomm.bm
441-296-9660