LED International ceases joint-venture discussions

8th Feb 2016 15:37

(ShareCast News) - LED International ceased joint venture negotiations with Shenzhen Ruihetai Industry Co. Ltd (RHT) on Monday, having discussed possibilities with RHT for almost a year.The AIM-traded company had announced its intention to form a joint-venture with the shareholders of RHT on 31 March 2015.However, those negotiations had now ceased."Upon further discussions with the company's People's Republic of China lawyers and shareholders of RHT, it was concluded that the proposed joint venture did not achieve the original goals of the parties", the company's board said in a statement."The company has sent a termination notice to the shareholders of RHT in respect of all agreements executed as part of LED's negotiations", it confirmed.LED International was also seeking to publish its audited report and accounts for the year ended 30 June 2015 during the second quarter of 2016, blaming the delay on the first quarter being a peak season for audit firms in Hong Kong.LED International's independent auditor had issued a series of disclaimers of opinion on its consolidated financial statements for the year ended 30 June 2014, and the firm said it was working to resolve and remove a number of them from the 2015 statements.Its shares were suspended from trading on AIM on 22 December 2015 pursuant to AIM Rule 19, and would remain so until LED International published its audited results for the year ended 30 June 2015.