As reported in the publication dated October 31st 2023, ESGTI AG has submitted an exception request to the admission office of BX Swiss AG regarding the postponement of the publication of the 2022 audited annual report until circa. November 30th 2023.
ESGTI informed its shareholders about the plan to spin-off ESG LifeSciences AG at the extraordinary general meeting on June 30th 2023; the subsequent strategic and financial analysis of which has taken some time. The associated valuation correction of September 2023 is a subsequent material event that must be disclosed in the notes to the 2022 annual financial statements and therefore must also have a retroactive effect on the valuation basis of April 30th 2023 (balance sheet date) and inclusive in our audit process. As the process of this assessment took longer than expected, ESGTI was consequently not able to publish the 2022 audited annual report within six months of the end of the financial year – hence the postponement request.
The BX Swiss admissions office denied this special authorisation stating that our request is insufficiently justified, and decided that trading in ESGTI shares will be suspended from November 16th 2023 – until the publication of the 2022 annual report, if the annual report is not published by November 15th.
ESGTI seeks to comply with BX Swiss, and at the same time aims to accord the due diligence necessary to the internal strategic and financial processes. In this sense it will announce and publish the 2022 audited annual report to shareholders as soon as is possible.