Le Château to Postpone Annual Reporting Due to Delays Caused by COVID-19
22 Mayo 2020 - 6:00AM
Le Château Inc. (the “Company”) (TSX VENTURE: CTU) today announced
that due to logistics and delays caused by the COVID-19 virus, it
is relying on the exemption provided by Decision No 2020-PDG-0023
of the Autorité des marchés financiers (the "Decision") and
equivalent exemptions provided by the Ontario Securities
Commission, the Manitoba Securities Commission, the Saskatchewan
Securities Commission, the Alberta Securities Commission and the
British Columbia Securities Commission to postpone the filing of
the following continuous disclosure documents (collectively, the
"Annual Documents"):
- the Company's annual audited
consolidated financial statements for the year ended January 25,
2020 as required by section 4.2 of National Instrument 51-102
- Continuous Disclosure Obligations ("NI 51-102");
- the Company's annual management
report (MD&A) for the year ended January 25, 2020 as required
by subsection 5.1(2) of NI 51-102; and
- the related CEO and CFO
certificates for the year ended January 25, 2020 as required by
section 4.1 of National Instrument 52‑109 – Certification of
Disclosure in Issuers' Annual and Interim Filings.
Pursuant to the Decision, during the period from
March 23, 2020 to June 1, 2020, a company required to make certain
filings as described in the Decision has an additional 45 days
from the deadline otherwise applicable under Quebec securities laws
to make the filing. The Company is continuing to work diligently
and expeditiously to file the Annual Documents and expects to have
them filed by the deadline of July 6, 2020. As required by the
Decision, the Company will provide an update via press release no
later than June 19, 2020.
Until the Company has filed the Annual
Documents, members of the Company's management and other insiders
are subject to an insider trading black-out policy that reflects
the principles in section 9 of National Policy 11-207 -
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
The Company confirms that since the filing of
its interim financial report for the nine months ended October 26,
2019, there have been no material business developments other than
those that have been publicly disclosed as required under
applicable securities laws and except for the potential impact of
the COVID-19 pandemic. While it is still too early to assess the
impact of the current pandemic, the Company is actively monitoring
the business environment in each of the markets in which it
operates.
ProfileLe
Château is a Canadian specialty retailer and manufacturer of
exclusively designed apparel, footwear and accessories for
contemporary and style-conscious women and men, with an extensive
network of 126 prime locations across Canada and an e-com platform
servicing Canada and the U.S. Le Château, committed to research,
design and product development, manufactures approximately 30% of
the Company's apparel in its own Canadian production
facilities.
Forward-Looking
StatementsThis news release includes
forward-looking statements relating to the Company and/or the
environment in which it operates, including, without limitation,
statements relating to the delay of the filing of the Annual
Documents and the expected timing of filing in the future. These
forward-looking statements are based on, among other things, the
Company's current expectations. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict and/or are beyond the Company's control. A
number of factors may cause actual outcomes and results to differ
materially from those expressed. These factors include the ability
of the Company to file the Annual Documents; the magnitude and
length of economic disruption resulting from the worldwide COVID-19
outbreak; liquidity risks; the ability of the Company to continue
as a going concern; the ability of the Company to successfully
implement its business initiatives and whether such business
initiatives will yield the expected benefits; changes in consumer
spending; general economic conditions and normal business
uncertainty; seasonality and weather patterns; changes in the
Company's relationship with its suppliers; fluctuations in foreign
currency exchange rates; interest rate fluctuations and changes in
laws, rules and regulations applicable to the Company; and the risk
factors set forth in other public filings of the Company, including
the annual Management's, Discussion & Analysis of the Company
dated May 27, 2019 and note 2 of the unaudited interim condensed
consolidated financial statements of the Company for the nine-month
period ended October 26, 2019. The foregoing list of risk factors
is not exhaustive and other factors could also adversely affect our
results. Therefore, readers should not place undue reliance on
these forward-looking statements. In addition, these
forward-looking statements speak only as of the date made and the
Company disavows any intention or obligation to update or revise
any such statements as a result of any event, circumstance or
otherwise except to the extent required under applicable securities
law.
For further informationEmilia
Di Raddo, CPA, CA, President (514) 738-7000Johnny Del Ciancio, CPA,
CA, Vice-President, Finance, (514) 738-7000MaisonBrison:
Pierre Boucher, (514) 731-0000Source: Le Château Inc.
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