GlobalCapital has moved to allay concerns after trading in its shares was suspended as a result of it not having published its annual report for 2018 within the stipulated timeframe.

The Malta Stock Exchange announced in a notice today that the asset management firm’s ordinary shares and 5% secured bonds have been suspended for 10 working days.

The suspension may be lifted earlier if GlobalCapital complies with the rules and publishes the documents before the 10-day period is up.

The announcement sparked concern, particularly since GlobalCapital had posted a €2 million loss in the first six months of 2018

GlobalCapital said back then that this loss was related to an extensive restructuring process and the fluctuation in the value of stocks and property assets, and that it is confident the trend will be reversed in the second half of the year.

Reacting to the MFSA’s announcement, GlobalCapital said it didn’t meet the stipulated deadline due to a “technical issue” and pledged to submit all the required information by next week.

“As stated by the MSE, this action is an automatic procedure triggered if public companies are not in a position to submit their annual financial reports by 30 April,” it said. “Global Capital plc did not meet the stipulated deadline due to a technical issue and will submit all the required information by next week, thereby bringing an automatic end to the suspension imposed by the MSE.”

Cover photo: TVM

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]