"SP" and "NP" signs posted against LOXLEY
17 June 2004
"SP" and "NP" signs posted against LOXLEY
There is information that the Securities and Exchange Commission (SEC) issued
an instruction that LOXLEY is obliged to amend its financial statements for the year
2003 and quarter 1/2004 ending 31 December 2003 and 31 March 2004.
This is because LOXLEY's subsidiary did not comply with the generally accepted
accounting principles by recording the investment, which derived from loan receivables
conversion, above its fair value and the revenue recognition of loss exceeding investment
reversion which subsidiary had not previously recognized the mentioned loss.
(Details on the SEC's news on 16 June 2004).
Hence, the SET has posted the "SP"(suspension) sign for suspended trading
on LOXLEY's securities on 17 June 2004 to enable general investors to have
sufficient time to consider the above information as a whole and posted the "NP"
(Notice pending) sign on 18 June 2004 henceforth until the company will submit
its amended financial statements to the SET for dissemination .