OREANDA-NEWS. Nasdaq Riga decided on June 28, 2016 to change the reason due to which the observation status is applied to AS “VEF Radiotehnika RRR” (RRR1R, ISIN code: LV0000100972).

On June 17, 2016 AS “VEF Radiotehnika RRR” submitted its audited annual report for the year 2015 in Latvian and on June 28, 2016 – in English.

Thus, the reason due to which the observation status was applied as of May 2, 2016 in accordance with Nasdaq Riga Listing and Disclosure rules (hereinafter – Rules) Article 20.1.2, Subarticle 5 has ceased to exist.

Simultaneously Nasdaq Riga decided to immediately apply an additional reason for applied observation status to AS “VEF Radiotehnika RRR” in accordance with Rules Article 20.1.2, Subarticle 9, which states that Issuers shall be placed on observation status if other circumstances influencing the Issuer’s activity have occurred which may materially threaten the interests of the investors, and in cases when it is important to turn the attention of market participants to a substantial circumstance related to the relevant financial instrument or its Issuer.

The submitted auditor’s report of the annual report 2015 describes several issues resulting in auditor’s refusal to issue the opinion on the financial report. Based on the significance of the matters auditor has not been able to obtain sufficient appropriate audit evidence to provide basis for an audit opinion. Thus, auditor’s opinion on AS “VEF Radiotehnika RRR” financial statements 2015 was not expressed.

The observation status which was applied on September 19, 2014 is still in force.