Hippo Valley fails to publish annual results again

Harare – Tongaat Huletts Zimbabwe’s unit, Hippo Valley Estates Limited has once again missed a deadline to file its financial results for the year ended 31 March 2019, but expressed that the process of completing the consolidated financial statements for the related period is well progressed.

The Zimbabwe Stock Exchange (ZSE) has since suspended trading in shares of the sugar producer, after it failed to meet extended deadlines.

Hippo missed the initial June 2019 deadline and asked for an extension to July 31, which it again failed to meet and applied to the ZSE to be allowed a second extension to August 14, which it missed again.

Hippo was subsequently suspended from ZSE with effect from 21 August 2019 after the local bourse refused to grant another extension.

The delay in publication of Hippo’s financial results relates to complex accounting issues stemming from its JSE-listed parent company’s re-statement of financials following a forensic probe.

In a renewal of cautionary and further update on company processes published on Wednesday, Company secretary Bigboy Shava said the financial review has been complex and extensive, going back some years.

“As a result, the process of completing the Company’s audited Financial Statements for the year ended 31 March 2019 is still ongoing and will extend beyond the previously advised date of 31 October 2019,” Mr Shava said.

“The Board will issue a further update to shareholders on or about 18 November 2019 which will include the release date for the annual Financial Statements for the year ended 31 March 2019 and the date of the annual general meeting for the same period.”

Equity Axis News

Raynold Mhotseka

Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, rayjnr.mhotseka@gmail.com and raynoldm@equityaxis.net.

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