FMS, which owns Sealegs, has applied to have its shares de-listed from the NZX. Photo / Hawke's Bay Today.
FMS, which owns Sealegs, has applied to have its shares de-listed from the NZX. Photo / Hawke's Bay Today.
Future Mobility Sulutions (FMS), which owns amphibious boat maker Sealegs, has applied delist its shares from the NZX.
FMS said it had previously considered a delisting from NZX in 2017.
"The board has continued to review its position and it believes that the costs of maintaining an NZSX listing faroutweigh the residual benefits of maintaining a listing," it said.
FMS said it had recently submitted an application to delist from the NZX.
"Whilst FMS is still in discussions with NZX, the intention is that shareholders will be asked to vote on the delisting at the upcoming AGM and FMS will seek to list on the Unlisted Securities Exchange as soon as possible following the AGM," it said in a statement.
"We draw attention to the significant accounting policies within the consolidated financial statements, which indicates that the group incurred a net loss after tax of $6.3m during the financial year and incurred net cash outflow from operations for the financial year of $2.3m," Grant Thornton said.
"Further, the group is dependent on its ability to raise additional funding from equity or debt to be able to meet all obligations as they fall due," it said.
"The matter indicates that there is a material uncertainty that may cast significant doubt over the group's ability to continue as a going concern," it said.
The Court of Appeal yesterday released the injunction that Sealegs had previously won against Orion Marine that stopped Orion from making amphibious boats.
FMS said it was seeking leave to appeal to the Supreme Court and that it would make another announcement after taking legal advice.
The company's shares last traded on the NZX at 7.3c. The share price has fallen by 41 per cent over the last 12 months.
