The JSE has warned Total Client Service (TCS) and Labat that their shares could be suspended, because they have not complied with listing requirements.
The bourse issued a notice to shareholders yesterday indicating the companies, and golf estate firm Pinnacle Point, had not filed their annual reports within six months of their year-end.
The three firms have until the end of this month to submit their annual reports, or their shares will be suspended.
“Accordingly, the companies' listings on the JSE Tradelect system have been annotated with an 'RE' to indicate that the companies have failed to submit their annual reports timeously and that the listings of the companies' securities are under threat of suspension and possible termination,” says the JSE's statement.
TCS's annual report should have been filed at the end of last month as its year-end is February. For the full year, the company reported revenue down 33.8%, to R47.5 million, and its R5.3 million loss almost doubled to R9.6 million.
Labat's year-end is also February. In its latest results, it reported revenue of R27.6 million, a slight decrease on 2010's R28.1 million, but said its net profit was R13.2 million, compared with a R59.1 million loss in the previous year.
TCS CFO Craig Whittle says the report should be out sometime next week. He explains the company changed suppliers for layout and printing of the report, and also changed auditors, which held up the publication of the document.
In addition, the emphasis of matter at year-end requires further audit work to ensure the company is liquid, which held up publication.
Officials at Labat were not immediately available.
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