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Akcie.cz»Zpravodajství»Komentáře a doporučení»Borealis Exploration Limited - Change of Fiscal Year-End

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Borealis Exploration Limited - Change of Fiscal Year-End

07.09.2015 12:01:00 | Borealis Exploration Limited

7 September 2015

Shareholders of Borealis Exploration Limited

Re: Change of fiscal year-end from 31 March to 30 September with the next audit to be performed after the period ending on 30 September 2016

Dear Shareholders:

For the reasons set forth below and as authorized under applicable Gibraltar law, the board of directors of Borealis Exploration Limited (the “Company”) has resolved to (i) change the Company’s fiscal year-end from 31 March to 30 September and (ii) perform the next audit of the Company’s financial statements in respect of the 18-month period ending on 30 September 2016.

Reasons for changing the year-end date and extending the audit period to 30 September 2016

1. Many service providers on whom the Company relies for its audit, legal, commercial and financial matters are typically absent or short-staffed during the sensitive audit and annual general meeting (“AGM”) period in the spring and summer months following a 31 March year-end date. This results in more expensive service with less quality.

2. There are critical business meetings and conferences (e.g., Farnsworth/Paris Air Show) during the four-month period after a 31 March year-end date such that the audit and AGM conflict with and become a distraction to valuable management time and focus.

3. In the opinion of the Board of Directors, an audit of the Company’s financial statements for the 18-month period ending on 30 September 2016 would provide much more benefit and a more meaningful picture of the Company’s performance to shareholders and prospective investors as opposed to an audit of the six-month period ending on 30 September 2015, which is too short of a period to give a meaningful picture of the Company’s results.

4. Performing the next audit in respect of the period sending 30 September 2016 versus 30 September 2015 will eliminate audit-related expenses in the short and medium-term.

Yours truly,

The Board of Directors of

Borealis Exploration Limited

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