Core Holdings misses crucial deadline

Johannesburg, 17 Aug 2001

Overdue results are the latest in the list of woes facing Core Holdings, which must deliver its annual results or face suspension from the JSE.

The JSE has annotated the Core counter on its JET system to show shareholders that the firm is in breach of regulations, which stipulate a company has three months to submit its preliminary results after its books close.

The JSE has told management and shareholders that unless Core submits its preliminary annual financial statement by close of business on 29 August, the counter faces suspension and possible de-listing.

Core Holdings operates in the Internet and IT media sectors, and has been plagued by the loss of the IT trade show, Comdex, and the dismal performance and eventual liquidation of its Redsand media division.

Core also announced in April that it had lost the right to publish its US flagship PC Magazine as well as its newly launched title, Interactive Week.

In its October results, Core reported revenue of R7.5 million, but turned in an operating loss of R3.5 million.