EAGLE HEALTH HOLDINGS LIMITED(EHH)

The company has been deregistered as of 03/09/2024

delisted from the close of trading on Thursday, 1 April 2021, pursuant to Listing rule 17.12.

we understand this company failed and ASX removed the company from listing because it failed to lodge a document with ASX for a period of one year after the deadline for lodgement of that document

The preparation of the 2019 Accounts is in its final stages. On 31 March 2021, ASX informed Eagle Health that it refused the request to extend the deadline for the lodgement of the financial statements and that Eagle Health will be delisted from the official list of ASX at the close of trading on 1 April 2021.

Bentleys Western Australia has finalised its report on the Company's Chinese operating entity, Xiamen Eagle Don Pharmaceuticals Co., Ltd in response to the four key banking and financial matters which were required to be verified by Grant Thornton Australia for the purpose of Grant Thornton finalising their audit of the financial statements for Eagle Health for the financial year ended 31 December 2019. The Company anticipates that Grant Thornton will finalise its audit of the financial statements imminently so that Eagle Health can lodge the financial statements and annual report for the year ended 31 December 2019. The company is in the process of obtaining the regulatory approvals required to manufacture the face masks at the Melbourne facility.

Eagle Health has engaged Bentleys Western Australia to provide on the ground assistance in China through its office in China to directly work with Xiamen Eagle Don Pharmaceuticals Co, Ltd and Agricultural Bank of China. Once this information is obtained, it will be provided to Grant Thornton for verification purposes with a view to Grant Thornton finalising their audit of the Financial Statements which will then allow finalisation of the Annual Report. The company is working diligently towards completing all of the trading conditions as soon as practical to allow for the company to be relieved from its suspension from official quotation on the ASX.

The company's wholly owned subsidiary, Australian Ecological Valley, has entered into a commercial lease with a non-related party Superduca Pty Ltd ATF Superduca Family Trust in Dandenong South, Melbourne to establish its manufacturing plants in Australia. The lease is with an initial 3 years term and 3 years option ends on 30 November 2026, annual rent is $122,170 plus GST, plus outgoings of actual utilities, insurance premium and owner's corporation fees.

The Eagle Health's China operations management by its wholly owned subsiary, Xiamen Eagledon Pharmaceuticals, have been adversely affected by the pandemic. Sales stagnated, supply chains and logistics slowed down, production scaled back, therefore the marketing campaigns suspended and outlet expansion postponed. In the first half of 2020, sales of health supplements decreased significantly by 61% compared to the same period of 2019. The company has identified a new market opportunity in the production and sale of personal protective products and has made a strategic move to manufacture and sell face masks from its existing production facility in Xiamen, China by Eagledon. Eagledon now has 20 face mask production lines in operation including a capability to produce N95 face masks. The 2019 annual audit is still not complete. The Board has also decided to defer convening an AGM until such accounts are available.

The company provides a detailed update on the issues impacting the finalisation of the 31 December 2019 financial statements and the status of resolution of those issues. The issues are as follows: Problems with Grant Thornton's ability to complete the ABC Bank bank confirmation process independently of Eagle Don; Problems with reconciling Eagle Don's VAT invoicing against relevant PRC Government systems; Eagle Don invoicing of deregistered companies; Eagle Don Debtor Confirmation Letters; Additional subsidiary issues. EHH notes that the Australian Directors have sought to extensively engage with Eagle Don and Grant Thornton to resolve these issues expeditiously. EHH has also held several Board meetings where explanations and cooperation has been sought from the China CEO of Eagle Don.

The Board has appointed a "Big Four" Accounting Firm as its independent accountant to assist the Company in resolving outstanding audit verification requirements and to provide comments and advice on the appropriate internal controls of the Company's China operations.

The Board has decided it would not be appropriate for it to proceed with the previously announced dividend and it is in the best interests of the Company to cancel the dividend that was payable on 30 April 2020, as permitted by the Company's constitution.

The lodgement of the company's audited financial statements for the year ending 31 December 2019 is unfortunately delayed. The company is working diligently with its auditors to obtain all supporting documents and to resolve all outstanding matters in the most timely manner.

The company's securities will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 16 March 2020, following its failure to lodge the relevant periodic report by the due date.

listed entity carried for record purposes only