Lagos (INVESTADVOCATE)-Insurer, Linkage Assurance on Tuesday said it has defaulted in filing its 2015 annual accounts and reports to the Nigerian Stock Exchange (NSE) due March 31, 2015.
“This is as a result of the delay in the approval of the Annual Financial Statements (AFS) of a private company where Linkage Assurance Plc holds unquoted shares accounting for over 75 percent of our investment portfolio,” the insurer said in a notice to the NSE.
According to Linkage Assurance, following this development the required computation of the current fair value of the unquoted shares cannot be undertaken by the company. “Given the materiality of the investment in the company’s statement of financial position, the delay in the rendition of Linkage Assurance Plc 2015 AFS is inevitable,” the insurer added.
Linkage further affirmed that considering that approval of its returns is under the jurisdiction of an industry regulator, not within its control, the expected filing date is not certain as at the date of the company’s announcement.