Jatenergy Limited (ASX: JAT) Suspended On ASX Pending 2018 Financial Report Release

The stock of Jatenergy Limited has been suspended from official quotation. In a market announcement, Australian Securities Exchange informed that securities of Jatenergy Limited has been suspended from official quotation from the commencement of trading on 1 October 2018, following failure to lodge the full year financial report for the period ended 30 June 2018 to the ASX by the due date which was 30 September 2018.

In clarification for the delay, Jatenergy Limited stated that this unavoidable delay has taken place because of significant change in company’s accounting personnel and the considerate set back in consolidation of accounts. It said that the initial consolidation into public company format of the accounts of new subsidiaries acquired during the year has taken longer than expected time.

In a recent release, the consumer products company Jatenergy Limited provided business update on 51% owned subsidiary Golden Koala. Jatenergy Limited told that production from its partly owned subsidiary Golden Koala Group Pty Ltd is ready for shipment which will include newly developed English label infant, follow-on and toddler formula. The sale of these English language packaged products is said to be done in Australia through local pharmacies and supermarkets and to China via China-based sales and marketing company Daigou group. The company also intends to utilize online-to-offline and cross-border sales channel to send its products across to China.   

Further, it has been informed that Golden Koala Group Pty Ltd and AustAgri Pty Limited have jointly agreed to terminate the supply deal that they entered into on 3rd August 2018. Under the terms of agreement,  JAT’s subsidiary Golden Koala had to supply Golden Koala Premium Range Infant Formulas to AustAgri for sale in mainland China, Taiwan, Macau and Hong Kong. On the termination of this five-year supply agreement, both the interested parties have decided to enter a discussion in respect of possible renegotiation.

As of now (3rd October 2018; 2:29PM AEST), the company has not released its 2018 Full Year Financial Report, but it expects to release the same by today, 3rd October 2018.

Following the suspension announced on 1st October 2018, the securities of Jatenergy Limited have stopped trading. JAT last traded at $0.042 after surging 2.439% on 28 September 2018. The stock has seen a performance change of attractive +250% over the past one year. But it has fallen by 44.74% over the past 3 months.

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