logo
Plus   Neg
Share
Email

Sports Direct Delays FY Results Publication - Quick Facts

Sports Direct International Plc (SDIPF.PK,SPD.L) announced Monday delay in the publication of its preliminary results for the year ended April 28.

The company, which had set the date on July 18, now expects that its audited results will be published between July 26 and August 23.

According to the company, the delay was due to the complexities of the integration of the House of Fraser business in to the company, as well as the current uncertainty as to the future trading performance of this business.

The decision also reflects the increased regulatory scrutiny of auditors and audits including the FRC review of Grant Thornton's audit of the financial statements of Sports Direct for the period.

Following these, the company now needs to compile more information than in previous years for the audit. Grant Thornton has also required additional time to complete its audit work leading to the delay in the publication.

Regarding its deal to acquire GAME Digital plc (GMD.L), Sports Direct said that as on July 12, it owned, had agreed to acquire, or had received valid acceptances in respect of a total of 145.06 million GAME Shares, representing about 83.88 percent of GAME's share capital.

As on July 12, the company received valid acceptances of the offer in respect of a total of 77.83 million GAME Shares, representing approximately 45 percent. of GAME's share capital.

Sports Direct holds 66.57 million GAME Shares, or about 38.49 percent of GAME capital.

On July 9, Sports Direct said the offer has been declared unconditional and that it would remain open for acceptance until July 30.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. is taking necessary precautions including Covid-19 testing for those employees returning to work at its headquarters in Silicon Valley, Bloomberg reported citing people familiar with the process. The company, which opened its main Apple Park office in May bringing back some hardware and software engineers, plans the gradual reopening of the building keeping the coronavirus safeguards. A U.S. appeals court has blocked the sales of Bayer AG's dicamba-based Xtendimax in the United States. The three-judge panel in the U.S. Court of Appeals for the Ninth Circuit ruled that the US Environmental Protection Agency (EPA) overstated the protections and substantially understated or ignored the risks related to the use of dicamba-based herbicides. Tesla Chief Executive Officer Elon Musk has called for a breakup of Amazon after the online retail giant refused to publish an upcoming book about COVID-19. Writer Alex Berenson said on Twitter that Amazon refused to publish his booklet about the coronavirus as it did not comply with the company's guidelines. Berenson is a former New York Times reporter.
Follow RTT