The Johannesburg bourse has warned Labat Africa and Total Client Services (TCS) that they have until the end of the month to file annual reports, or their listings will be suspended.
The two ICT companies were among a list of seven firms in total that have not submitted annual reports to the bourse on time. According to JSE rules, companies have six months from their financial year-ends to publish annual reports.
The JSE said in an announcement on the Stock Exchange News Service yesterday that their stock had been annotated with an RE on the trading system as an alert to shareholders. All seven companies have been given until 30 September to file reports, or their listings will be suspended.
Labat is being bought out by Aurora Investment Holdings, a subsidiary of controversial mining company Aurora Empowerment Systems, for 5c a share. Labat's share is trading at 75c.
Its latest results for the year to February show it turned over R27.3 million, a decline from 2009's R42 million, and made a loss of R33 million against last year's R45 million profit.
TCS reported a 28% decline in revenue, to R71.7 million, from R99.8 million, and a 2 000% leap in its loss, to R12.6 million from R591 757. TCS was spun out of Labat and listed separately just over two years ago.
The other companies that received a rebuke from the bourse include Pinnacle Point Group, Blue Financial Services, African Dawn Capital, Briskor and Kairos Industrial Holdings.
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