MicroSalt plc (LSE: SALT) revealed additional payments totaling around USD 330,000 to Tekcapital plc and its subsidiaries, which were identified as an unreported related party transaction. These payments, made between July and September 2024, were not contractually obligated at the time and were omitted from disclosures as required by AIM Rule 13.
Following a thorough investigation led by Independent Directors chaired by Judith Batchelar, enhanced controls and systems have been implemented to prevent future occurrences. The investigation confirmed that the payments were legitimate liabilities and accurately reflected in the company’s financial statements.
Despite some positive corporate actions, MicroSalt’s outlook remains challenged by weak financial performance, negative equity, and ongoing losses. Technical indicators show bearish trends, with the stock currently oversold.
About MicroSalt plc
MicroSalt plc is a food industry leader specializing in producing full-flavor salt containing approximately 50% less sodium, aiming to offer healthier salt alternatives to consumers.
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