EBJ AIM statement
 

EUROPEAN BUSINESS JETS PLC
STATEMENT REGARDING THE SUSPENSION OF ORDINARY SHARES European Business Jets PLC ("EBJ") is required under the AIM Rules to publish its Financial Statements for the year ended 31 March 2008 by 30 September 2008.
On the basis of discussions with the auditors, Baker Tilley, the Directors were confident that this deadline would be met.
Aircraft sold in fractional shares to clients are owned by Limited Liability Partnerships ("LLPs") with the fractional owners as partners, and managed by EBJ. In accordance with procedures established previously these LLPs had not been consolidated in the Financial Statements. On 30 September Baker Tilley informed the Directors that they had formed the opinion that these LLPs should be included in the Consolidated Financial Statements, on the basis that the LLPs are managed by EBJ.
Under these circumstances the Directors have agreed to prepare audited accounts for these LLPs and to include them in EBJ's Consolidated Financial Statements.
These changes are estimated to take approximately three weeks to complete.
Under these circumstances the Company's shares are being suspended from trading under AIM Rule 19 until such time as the revised Financial Statements can be sent to shareholders.

I know it doesn't show the greatest financial control in the world, but isn't this good news for EBJ, from a dim distant Uni lecture I seem to remember that companies with a small turnover (under £12 million but don't take that as gospel) are exempt from producing consolidated accounts. I would guess at a very large increase in turnover. If anyone knows more about AIM rules Please feel free to comment, I'm uncharecteristically unsure of my facts here.

Phil

Phil, how come the accounts were not ready by 30th September. They had from March to yesterday to prepare them. I heard also (maybe a rumour) that pay day was changed at the last minute to 30th September, but employees didn't get paid until today. As I say, could just be a rumour so don't shoot me !

I hope it doesn't all end in tears.

DC-9

Don't get me wrong, I have no inside track on this one, we all hear the rumours, but I would be considered a bit sceptical if I believed that this was merely a stalling ploy to dress up the accounts for another round of fundraising.

Phil

As I understand it pay date was changed from 24th to 30th at last minute and then no salaries were paid on the 30th. Also I understand expense and per diem checks also went rubber. The Training manager has been suspended as well. They seem to have the highest turn over of post holders in the industry.