Prairie Mining Limited Results in Poland & Changes to Entitlements Price (5149Q)
October 28 2021 - 2:00AM
UK Regulatory
TIDMPDZ
RNS Number : 5149Q
Prairie Mining Limited
28 October 2021
PRAIRIE MINING LIMITED
NEWS RELEASE | 28 October 2021
Release of Preliminary 2021 Results in Poland and Changes to
Entitlements Issue Price
* Following Brexit related transition issues for
registration of overseas auditors, Prairie will
release unaudited Preliminary 2021 Results in Poland
* Audited 2021 Annual Report to be released in Poland
once EY Australia registered in Poland
* As a consequence, entitlements to the current
Entitlements Issue are no longer able to be offered
to Poland shareholders
* Issue price for the Entitlements Issue has been
amended to $0.20 (GBP0.11/EUR0.13) per share
Release of Unaudited Preliminary Results in Poland
Following the United Kingdom leaving the European Union (EU), it
has become necessary for any audit firm reporting on a company
listed on a European regulated exchange to be approved by that
relevant EU competent authority.
As Prairie Mining Limited (Prairie or Company) is incorporated
in Australia with a tri-listing on the ASX, LSE and the Warsaw
Stock Exchange (WSE), which is an EU regulated market, its auditor,
EY Australia (EY), is required to be approved by the Polska Agencja
Nadzoru Audytowego (PANA) as a third country auditor. EY submitted
its original application for registration in late 2019 which
despite regular attempts to follow up and progress the application,
the Polish authorities did not respond to. EY has subsequently
submitted a new application in October 2021 but has yet to receive
a response or approval of its registration as a third country
auditor recognised by the WSE.
According to Article 205 sec. 3 of the Polish Act of 11 May 2017
on Statutory Auditors, Auditors Firms and Public Oversight an
opinion of an independent statutory auditor prepared by an auditor
from a third country that has not been registered on the list of
auditors from the third countries kept by PANA has no legal status
in Poland.
As of the date of this announcement there are no auditors from a
third country registered on the aforementioned list in Poland and
consequently there are no registered audit firms whose opinion of
the Company's Annual Report would meet Australian, UK and Polish
law requirements.
Upon the approval and registration of EY by PANA, Prairie will
be able to release its audited 2021 Annual Report, which will
include the EY audit opinion. It is for this reason that the
Company will release unaudited preliminary results to the WSE in
place of the 2021 Annual Report on 29 October 2021.
Entitlement Issue
As previously announced, the Company is undertaking a one (1)
for ten (10) pro rata non-renounceable Entitlements Issue
(Entitlements Issue).
Given the Company is unable to publish its 2021 Annual Report in
Poland until EY is approved by PANA as discussed above, under WSE
listing rules, Prairie is unfortunately not able to extend the
Entitlement Issue to shareholders with a registered address in
Poland. Shareholders with a registered address in Australia, New
Zealand, Germany and the United Kingdom will be Eligible
Shareholders for the Entitlements Issue.
The Directors have also now resolved to amend the issue price
for the Entitlements Issue to $0.20 (GBP0.11/EUR0.13) per share to
raise $4.6 million before costs.
For further information, please contact:
Prairie Mining Limited Tel: +44 207 478 3900
Ben Stoikovich, Chief Executive Email: info@pdz.com.au
Officer
Sapan Ghai, Head of Corporate
Development
Kazimierz Chojna, Commercial
Officer
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