Aquatic Foods Group, the China-based seafood processor, has been delisted from the UK’s Alternative Investment Market (AIM) after failing to file accounts for 2016.

Trading in Aquatic’s shares had already been suspended since June as per the AIM’s regulations after the company was unable to book its 2016 accounts. The business has also yet to file its financial results for the first half of 2017.

“Given that as of 29 December 2017 trading in the company’s shares will have been suspended for a period of six months, trading in the company’s shares on AIM is expected to be cancelled at 7.00am on 29 December 2017 in accordance with Rule 41 of the AIM Rules for Companies,” Aquatic said on 28 December.

When Aquatic announced the suspension of trading in its shares in June, the company said its efforts to complete its audit and accounts was “substantially complete”.

The business said the numbers, when audited, were “expected to be in line” with a trading update for 2016 it announced in March last year, which set out unaudited annual revenue of CNY927.8m – down 5.2% year-on-year – and gross profit of CNY224.6m, which represented a decline of 19.9% on 2015.

However, it was within that trading update that Aquatic revealed “difficulties in remitting funds from its operating entities in China to the UK”. It pointed to “more stringent cross-border fund remittance control” by Beijing.

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By GlobalData

In the June suspension announcement, Aquatic said it had “faced continued difficulties in remitting funds” from its operating entities in China to its Jersey holding company, which it revealed had led to “the delay of payments to a number of parties whose assistance is required for the finalisation of the audited accounts”.

On 30 June, finance director Po Ling Low, who had taken the job in August 2016, resigned from the business. 

Two months later, Aquatic told the AIM it expected its 2016 accounts would be available for publication once the company appointed a new finance director, who it expected to be in place in September.

On 28 September, Aquatic announced the appointment of Chong Cha Hwa as its finance director effective 1 October.

Aquatic’s statement on 28 December added: “Notwithstanding the cancellation of trading in the company’s shares, the directors will work to ensure that further funds are received into the UK from the group’s operating subsidiaries to meet these liabilities and will consider appropriate courses of action to realise value for shareholders and creditors. Further updates will be provided to shareholders as appropriate.”