After receiving permission from the JSE to lift Brainware`s suspension on 11 September, the company announced today that its property has not yet been transferred, one of the conditions it was to have met before trade could resume.
The R3.6 million sale of its property and the transfer of the deeds would have freed Brainware to begin trade in the cash companies sector.
The delay has also put back Brainware`s plan to re-purchase and cancel 190.7 million ordinary shares, which could only happen once the suspension was lifted.
There is no word from Brainware management as to the collection of outstanding debts arising from the sale of some of its former holdings.
The collection would mean the company increasing its net tangible asset value from 1.16c to 1.28c per share.
Brainware says it will inform shareholders as to when the suspension will be lifted, at which point trade will resume at 2c.
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