Australia’s Freedom Foods Group has extended the suspension of trading in its shares again to give itself more time to complete an investigation into possible fraudulent activity.
In a statement today (20 October), Freedom Foods informed the Australian Securities Exchange (ASX) its shares would remain voluntarily suspended until 30 November, one month beyond the 30 October deadline, which was itself an extension of the original self-imposed 14-day trading halt.
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By GlobalData“The company continues to work through the finalisation of its accounts for the financial year ended 30 June, 2020, and to finalise a recapitalisation plan for the company,” Freedom Foods said.
Freedom Foods, which produces free-from cereals and snacks, and also fresh milk, milk drinks and plant-based beverages, has been undertaking a review of its accounts since August. In a call with analysts on 25 June, the company said it was probing the possibility of fraudulent activity after booking write-downs following the departure of senior executives.
The company said in June it had engaged professional firms Ashurst and PwC to assist with its internal investigation.
Meanwhile, the group’s annual general meeting has also been deferred while enquiries continue. No new date has yet been set.
