Car dealerships group requests temporary suspension of its shares

Lookers

Lookers, the Altrincham-based car dealerships group, has requested the temporary suspension of dealing in its shares from today.

It follows the announcement on June 8, 2020, that the additional work needed to finalise the company’s audited financial statements for the year ended December 31, 2019, meant it would not be possible to publish the results by June 30, 2020.

June 30 is the last date permitted for publication of the 2019 results under the Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rules.

Lookers said, following consultation with the FCA, it has requested that the listing of its ordinary shares be temporarily suspended, with effect from 7.30am today (July 1), until the publication of the 2019 results.

The company intends to request a restoration of its listing on publication of the results. It said its priority and focus is the production of the 2019 results at the earliest possible date.

Lookers postponed publication of its annual results on March 11, after identifying “potentially fraudulent transactions” in one of its operating divisions.

Earlier this week it revealed an investigation by Grant Thornton had uncovered a £19m deficit.

It said it is in discussions with Grant Thornton and Deloitte, the group’s auditors, with a view to concluding outstanding matters at the earliest opportunity.

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