Travel Agents

Helloworld punished for “technical oversight”, with company shares suspended on ASX

Huntley Mitchell

Huntley Mitchell

Helloworld Travel will be checking the next financial statement it shares on the ASX twice, after a “technical oversight” resulted in the company’s shares being suspended.

Upon the release of its unaudited financial results for the last financial year on 31 August 2020, Helloworld noted that it expected to release audited FY20 accounts on 15 October.

In a statement released to shareholders late yesterday, Helloworld blamed the “unusually lengthy period” between the release of the preliminary and audited results on “the complexity caused by the current two-month COVID lockdown in Melbourne”.

However, the company apologised for failing to add some “technical information” in the release of the unaudited results flagging that the delay of the release of its audited results was permitted under the ASX’s Class Waiver Decision, and that it would immediately make a further announcement to the market after the if there was a material difference between the two sets of results.

“[The] ASX have informed Helloworld that as a result of this breach, the ASX will suspend HLO’s shares as a result of this oversight,” Helloworld’s statement read.

“The ASX have advised HLO that they will not provide any relief or assistance that might overlook the technical oversight.

“HLO advises it will be applying to the ASX tomorrow for a case-specific waiver in relation to this matter and is expediting the finalisation of its audited accounts.”

The ASX has since confirmed that Helloworld’s shares have been suspended from official quotation.

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