SGX greenlights AusGroup’s two-month extension for annual general meeting

It needs more time to evaluate Port Melville assets.

AusGroup has received the greenlight from the Singapore Exchange (SGX) for a two-month extension to hold its annual general meeting (AGM) on or before 31 December 2016 instead.

According to the firm’s announcement, AusGroup needed more time to conduct its AGM as the company is still in the process of engaging another valuer for a "more accurate and independent valuation" of AusGroup's Port Melville assets and port and marine business.

The company also asserted that its audited full year financial statement will not be ready in time for the company's 31 october AGM.

AusGroup stated that recent changed commercial circumstances have rendered the existing valuation by RSM Corporate Advicory as at 31 May 2016 "no longer true and fair from an accounting perspective."

"These recent changes from April/May 2016 will have a material impact on the valuation where certain businesses and services to be provided as envisaged in the valuation by RSM will vary and additional capacity available arising from these changes will be focused on additional projects that may be secured by the Company based on an uptick in activities in the oil and gas sector in the Northern Territories region," AusGroup said.