Card and e-commerce company Explorer has had its share suspended by the JSE at its director`s request.
Explorer launched its independent Visa-branded credit card in September last year. The company involved in a revenue share with Mercantile Bank.
Mercantile and Explorer were to have consolidated their card processing and back office administration activities in an effort to rationalise on costs.
Explorer`s cash and cash equivalents are seriously depleted and the suspension comes as a result of this.
For the year to June 2000, cash and cash equivalents fell R21.9 million to R2.4 million, a result of development costs, according to the company.
Coupled with this was the loans figure rising to R7.22 million.
Mercantile was in a revenue share agreement whereby Explorer would collect one-third of revenue and Mercantile the remainder.
Shares were suspended by the JSE yesterday at 1c.
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