Italeaf, holding company and first Italian company builder, active in the cleantech and smart innovation sectors, listed on the Nasdaq First North in Stockholm, announces that the Company has obtained authorisation from Nasdaq to approve the 2017 consolidated financial statements and the separate financial statements of the Parent Company beyond the three months from the end of the year as required by market regulations.
As a result of this exemption, the Board of Directors for the approval of the yearly financial statements, previously scheduled for today’s date, will be held on 27 April 2018. At the end of the meeting of the Board of Directors, on the same date, the financial statements of Italeaf as at December 31, 2017 will be published.
The Company underlines that the postponement was determined by the decision taken by TerniEnergia, the main company of the Italeaf Group, to use the faculty, provided for by Italian regulations, to approve the draft of the separate financial statements as at 31 December 2017 and the consolidated financial statements on next 27 April 2018, within four months of the end of the period.
This decision was taken by TerniEnergia on the basis of the opportunity to complete, before the approval of the financial statements, the new recovery and relaunch plan, aimed at pursuing, in the medium term, the transformation of the Company into a smart company and overcoming the current financial stress of the Group, based on strategic guidelines identified by the Board of Directors, as announced on 27 March 2018.
Having taken note of these circumstances, Italeaf has decided to postpone the approval of the financial statements, as highlighted above, in order to be able to incorporate the results and the prospective elements of the TerniEnergia industrial plan.
