Ntegrator Holdings&rsquo request to announce its unaudited financial results for the FY2024 ended June 30 has been rejected by the Singapore Exchange Regulation (SGX RegCo).

 

Its extension to hold its annual general meeting (AGM) for the same period has also been denied by the Accounting and Corporate Regulatory Authority (ACRA).

 

The rejections from SGX RegCo and ACRA came on Sept 10 and Sept 13 respectively.

 

On Aug 30, Ntegrator announced that it has applied for an extension of time to comply with the Catalist rules, particularly rules 705(1), 707(1), 707(2) and 711A.

 

Under the rules, Ntegrator must announce its unaudited financial statements for the FY2024 by Aug 29, or no later than 60 days after June 30.

 

It also has to hold its AGM by Oct 31, within four months of the end of its FY2024.

 

Finally, the company has to issue its annual report and sustainability report by Oct 16 and Oct 31 respectively. The annual report has to be issued at least 14 days before its AGM and its sustainability report will have to be issued within four months of its financial year end.

 

According to Ntegrator, the company was unable to meet those deadlines due to the changes in its management and board of directors. The company also changed its financial year end to June 30 from Dec 31 previously. The change resulted in the company having to report its results for the last 18 months instead of 12 months.

 

At the time, Ntegrator said its new management lacked the time and resources needed to manage the additional workload.

 

The company&rsquo s auditors, RT LLP, were also unable to provide its comments for the company&rsquo s FY2024.

 

&ldquo Due to the absence of an interim audit prior to year-end, the audit process will proceed directly to the final audit. Consequently, the volume of data and associated workload are significantly increased. Additionally, the inclusion of impairment assessments necessitates extended time for thorough evaluation by the audit team,&rdquo said Ntegrator in its Aug 30 statement.

 

With the delay in announcing its results, the company says it is unable to meet the timelines for its annual report, AGM and sustainability report. The sustainability report refers to the annual report to give the company&rsquo s shareholders a &ldquo complete and comprehensive view&rdquo of the company&rsquo s activities.

 

On Sept 11, Ntegrator said SGX RegCo rejected its extension request on Sept 10 to report its results later as there are &ldquo no extenuating reasons&rdquo to do so.

 

&ldquo The SGX RegCo reserves the right to take any action for breaches of the Catalist Rules and has informed the board to take immediate action to announce the company&rsquo s unaudited financial results for the financial period ended June 30 as soon as possible, issue its annual report and sustainability report and hold its AGM for the financial period ended 30 June 2024 prior to the relevant reporting deadlines,&rdquo says Ntegrator in its Sept 11 statement.

 

It adds that it is still looking for its new financial controller and that it is &ldquo committed&rdquo to expediting the completion of its results and subsequently the issuance of its annual and sustainability reports. The company also seeks to hold its AGM as soon as possible.

Company says its current operations are not expected to be materially affected by the developments

 

COMMUNICATIONS network specialist Ntegrator : WVJ 0%, formerly known as Watches.com, has received two originating applications from its former financial controller and ex-executive director, each seeking a winding-up order from the High Court.

 

In a bourse filing on Tuesday (Sep 3), the company said it has received an Aug 23 application from solicitors acting on behalf of Sw Chan Kit, the former financial controller of the company.

 

Sw is seeking a winding-up order against the company, and an order for representatives from Baker Tilly (Singapore) to be appointed as joint and several liquidators of Ntegrator, from the general division of Singapore&rsquo s High Court.

 

The application also asked for the costs of the proceedings to be assessed, if not fixed or agreed, and be paid to Sw out of the company&rsquo s assets.

 

Ntegrator also received a second application dated Aug 30 seeking the same orders from the High Court, from solicitors of Sw and Han Meng Siew, a former executive director of Ntegrator.

 

The second application asked for the costs of proceedings to be paid to Sw and Han.

 

The hearing dates for the applications are Sep 13 and Sep 20.

 

Ntegrator is disputing the originating applications and seeks to claim and/or counterclaim any losses or damages suffered. It has sought legal advice and &ldquo intends to vigorously defend itself&rdquo against the applications.

 

It added that its current operations are not expected to be materially affected by the originating applications.

Statutory demands

These originating applications come after the company received statutory demands from Sw and Han in July.

 

On Jul 19, the group received a statutory demand from Sw. He demanded the repayment of S$106,859.66, together with interest accruing from Jul 4 to the date of full repayment.

 

The sum is the balance due to him in connection to an April 2023 loan agreement between him and Ntegrator.

 

On the same date, the company received a second statutory demand from Sw for a further S$231,936.87. It comprises his unpaid salary from January to July this year, his leave encashment entitlement, his unpaid bonus approved in June, as well as unpaid petty cash and expense claims reimbursement.

 

On Jul 26, the company received a third statutory demand from Han amounting to S$240,578.23. This comprises his unpaid salary from Jan 1 to Jun 30, and unpaid petty cash and expense claims reimbursement.

 

Han also stated that he is due to be paid his salary from Jul 1 to 26.

 

The three statutory demands had asked for the repayment of the sums within three weeks of the date of service of each demand.

 

In an Aug 6 bourse filing announcing the receipt of these demands, Ntegrator said it disputes the claims made.

 

It was in the process of investigating areas of concern arising from the conduct of Sw and Han in the course of their employment.

 

Trading in the shares of Ntegrator remains suspended.