Ardmore Shipping Corp. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K report, dated December 3, 2019, is filed by Ardmore Shipping Corporation, a foreign private issuer incorporated in Bermuda. The filing primarily addresses a corporate governance matter regarding the change of the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is not a financial statement but a disclosure of an auditor change.
Material Changes
- Change in Auditor: The Audit Committee approved the engagement of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2019, effective immediately.
- Resignation of Prior Auditor: Concurrently, the Audit Committee approved the resignation of Ernst & Young (EY) as the independent registered public accounting firm, effective immediately.
- Historical Audit Opinions: EY's reports for the fiscal years ended December 31, 2018, and 2017 were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
- Disagreements and Reportable Events: There were no disagreements between the Company and EY on accounting principles, practices, or auditing scope during the relevant periods. The only "reportable event" noted was a previously disclosed material weakness in internal controls related to the classification of net gains and losses on the disposal of vessels, which was reported in the Form 20-F/A filed on August 2, 2019.
Guidance, Outlook, and Risks
The filing does not contain management guidance, financial outlook, or new risk factors. It confirms that the Company has authorized EY to respond fully to inquiries from Deloitte and that EY has provided a letter agreeing with the disclosure contained in this report.
Key Facts for Investor Verification
- Verify the effective date of the transition from Ernst & Young to Deloitte & Touche LLP (December 3, 2019).
- Review the previously filed Form 20-F/A (August 2, 2019) for details on the material weakness regarding vessel disposal classification.
- Confirm that no other disagreements or reportable events occurred between the Company and EY during the 2017-2019 period.
- Check Exhibit 16.1 for the formal letter from Ernst & Young regarding the change in auditor.