February 6, 2018 / 4:12 PM / 14 days ago

BRIEF-Fortis Microfinance Bank In Talks With Lenders To Restructure Facilities

Feb 6 (Reuters) - FORTIS MICROFINANCE BANK PLC :

* DUE TO ACCOUNTING IRREGULARITIES OBSERVED DURING Q3, PREVIOUS FINANCIALS MAY HAVE TO BE RESTATED WHERE NECESSARY‍​

* WITH THE APPROVAL AND GUIDANCE OF THE CBN, FORTIS IS CURRENTLY ENGAGED IN A “FAR-REACHING HOUSE CLEANING EXERCISE”

* IDENTIFIED THREE INDIVIDUALS TO JOIN AS INDEPENDENT DIRECTORS WHO HAVE NO PREVIOUS RELATIONSHIP WITH CO

* NEGOTIATIONS ONGOING WITH FOREIGN LENDERS TO GRANT CO “MUCH NEEDED RESPITE THROUGH THE RESTRUCTURING OF EXISTING FACILITIES”

* “DISCUSSIONS ARE ALSO AT AN ADVANCED STAGE TO ENGAGE A REPUTABLE FIRM OF TURNAROUND EXPERTS”

* ADDRESSING "CHALLENGES" AFTER SUSPENSION OF SHARES FROM TRADING LAST YEAR TRIGGERED PANIC WITHDRAWALS OF DEPOSITS Link to press release: bit.ly/2GTp7PV Further company coverage:

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