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DS Smith rules out accounts problem despite media attention

Post-acquisition accounts filing looms, DS Smith insists, as investigation rules out problems

17 Dec 2012 Accountancy Age

By Kevin Reed

A LISTED packaging material and office supplies group has told the stock exchange that it is moving towards finalising its accounts, as press reports today commented on the issue.

DS Smith is continuing the process of finalising its accounts following its acquisition of SCA Packaging. The accounts finalisation is part of a "standard method" of determining the value of SCA's assets and liabilities on completion of the purchase.

Earlier this month, the board received anonymous allegations about the accounts preparation, at which point it chose Allen and Overy, as well as forensic specialists from Alix Partners, to investigate. The allegations were found to be without substance and did not warrant further investigation.

Its share price fell 3p in this morning's trading, to 211.5p, valuing the company at £1.96bn.

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