Great Harvest Maeta Holdings Limited Issues Detailed Update on Steps to Resolve Disclaimer of Opinion

Key Developments that May Impact Shareholders and Share Price

Great Harvest Maeta Holdings Limited (“the Company”, Stock Code: 3683) has provided a comprehensive update regarding ongoing actions to resolve the disclaimer of opinion issued by its auditors, as disclosed in the latest annual report for the year ended 31 March 2025. The Company’s Board has outlined several measures and strategic initiatives underway, which are crucial for shareholders and potential investors to monitor, as they may significantly affect the Company’s financial health, future prospects, and thus, the share price.

Summary of Key Actions and Progress

1. Active Negotiations with Bondholder for Alternative Settlement Proposals
   • The Company is in ongoing discussions with its Bondholder to explore various alternative settlement options, including the potential realisation of assets to finance the outstanding settlement requirements.
   • These negotiations are still in progress, and any resolution could have substantial implications on the Company’s short-term liquidity and debt position.
2. Financing Support from the Ultimate Holding Company and Major Shareholders
   • On 30 September 2025, the Company entered into a deed of funding undertakings with Ablaze Rich, Mr. Yan, and Ms. Lam, where they have committed to provide funding to the Group upon request, within a 24-month period.
   • The funding commitment will expire either after 24 months or upon the Company securing long-term financing of not less than US\$30 million, whichever is earlier.
   • No funding has been drawn under these undertakings as of the date of the announcement, but the arrangement stands as a significant potential liquidity backstop should the Company require it.
3. Active Pursuit of Bank and Capital Market Financing
   • The Company is proactively negotiating with banks and financial institutions to secure alternative financing and bank borrowings, aiming to refinance current financial obligations, including the redemption of Top Build Convertible Bonds.
   • Efforts are also underway to raise funds via the capital market, with ongoing feasibility studies and negotiations with potential investors regarding placements, corporate bond issuances, and other forms of fundraising.
4. Operational Enhancement of Chartering Business
   • The Company is taking steps to enhance its chartering operations for dry bulk vessels, targeting improvements in operational cash flow and tighter control over capital and operating expenditures.
   • These actions are intended to strengthen working capital and reduce the impact of market volatility.

Important Updates for Shareholders

• The Company has committed to issue a periodical update every three months until the disclaimer of opinion is fully resolved. This ensures ongoing transparency with shareholders and the market.
• The ongoing negotiations and potential fundraising efforts, if successful, could have a material impact on the Company’s financial stability and outlook, potentially influencing the share price.
• The existence of a disclaimer of opinion is a significant red flag for investors, indicating material uncertainty over aspects of the Company’s financial statements. Resolution of this issue would likely be seen as a positive catalyst for the shares.
• The Company’s access to potential shareholder and related-party funding provides a safety net but also underscores the current challenges in accessing external, long-term financing.

Board and Management Update

As of the announcement date, the Board comprises Executive Directors Mr. Pan Zhongshan and Mr. Sze Wing Kin Pierre, Non-executive Director Mr. Yan Yui Ham (Chairperson), and Independent Non-executive Directors Mr. Cheung Kwan Hung, Ms. Wong Tsui Yue Lucy, and Mr. Liu Yongshun.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Shareholders and potential investors are advised to exercise caution in dealing in the shares of Great Harvest Maeta Holdings Limited and to seek independent professional advice if in doubt. The actual outcome of negotiations and fundraising efforts may differ materially from the Company’s current intentions and expectations.

View GREAT HARVEST Historical chart here