France’s markets regulator to Solutions 30: show your hand
The AMF has a statement out on the suspended outsourcer.
This just landed in our inbox from France’s markets regulator, the Autorité des Marchés Financiers (AMF), regarding the frozen stock of outsourcer Solutions 30:
The Autorité des Marchés Financiers has noted, in connection with the Commission de Surveillance du Secteur Financier (CSSF), the competent authority for Luxembourg, that Solutions 30 SE, a Luxembourg company listed on the French regulated market Euronext Paris, has not published its annual financial report, including the audit report on financial statements signed by external auditors, within the four months framework following the end of the financial year, in accordance with applicable regulations.
In order to ensure proper market information and pursuant to EU Market Abuse Regulation, the AMF specifies that it asked the company as of May 7 2021 to issue without delay a press release, prepared in agreement with its external auditors, to inform the market of the timeframe foreseen for the issuance of the auditors’ report and of the nature and extent of the work remaining. In the absence of publication of the requested elements, the AMF has reiterated its request to the issuer on May 17 for a publication without delay of a press release providing the aforementioned information.
On Friday, we speculated the share suspension might be related to the lack of audited full-year results from the under-fire Luxembourger business. And, coincidentally, this is the issue the AMF is concerned about.
Solutions 30 said on Monday that it will update the market on its share suspension after trading closes on May 25 — over a week from now — but with the AMF showing its teeth here, whether the company can now wait that long is another matter all together.