What’s up with BWX’s (ASX:BWX) shares lately?

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Highlights

  • BWX’s shares have been on temporary trading suspension since 29 August 2022.
  • This suspension was triggered by the company’s delayed FY22 financial results.

Shares of the multinational natural beauty manufacturer BWX Limited (ASX:BWX) have been on a trading suspension since 29 August 2022. The company had requested ASX for an immediate voluntarily suspension from trading in relation to its pending full-year financial results ending 30 June 2022. BWX’s shares were to remain suspended until the release of FY22 results.

In today’s ASX release, BWX stated that the audit of its FY22 financial statements would be done by 28 November 2022, and that the market will also be able to view the audited results the same day. With this new update, the company expects ASX to evoke its trading suspension from the next day (29 November).

Details of BWX’s trading suspension

As per the previous ASX releases, BWX has frequently been neglecting to disclose its FY22 results. One of the primary causes for this delay, according to the company, was certain revenue recognition concerns for FY21 and the first half of FY22. Another cause was BWX’s intangible assets being at a level far below their carrying value.

On 29 August 2022, BWX put its shares on voluntarily suspension due to a delay in releasing its FY22 results ending 30 June 2022. After the trading suspension, the company first stated that the results would be published by 30 September upon the completion of its audited accounts for FY22. However, the release was further extended to the end of October due to a delay in the process of finalising the audit, as reported on 30 September.

The delay continued and the FY22 results were now to be revealed around the middle of November. According to an ASX report on October 28, the company believed it was crucial that the audit and any revisions were performed appropriately, which required more time.

In today’s ASX announcement, BWX has finally confirmed to announce its full-year 2022 financial results on 28 November.

What else has happened at BWX Limited?

BWX Limited-owned digital entity The Good Collective Pty Ltd (trading as Flora & Fauna) was hit by a cyberattack on 4 November 2022. The company confirmed via an ASX announcement that customer credit card numbers and expiry dates were transferred to an unauthorised third party from the Flora & Fauna website.

Talking about this data breach, Rory Gration, CEO of BWX Limited, said:

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Data Source: Company announcement dated 4 November 2022



 


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