The JSE has warned least-cost routing company TeleMasters that its shares will be suspended on the bourse if it does not submit its annual report by the end of the month.
The JSE says TeleMasters has not filed its report on time, and its shares will be annotated with an “RE” to warn traders that its report is overdue.
Companies have six months from year-end to submit their annual reports to the bourse. TeleMasters' financial year-end was September. As a result, its report should have been submitted at the end of March.
The JSE says “the listing of the company's securities is under threat of suspension and possible termination”.
TeleMasters is considering delisting from the stock exchange, because there isn't enough trade in its shares to warrant a listing.
The company said in December that it wants to de-list from the JSE's Alternative Exchange, after three-and-a-half years, because it doesn't need to raise capital, and its shares are thinly traded.
Majority shareholder, founder and CEO Mario Pretorius' family-controlled trust, the Maison d'Obsession Trust, will buy out shareholders holding 15% of the company's shares, at a price that has yet to be determined.
Pretorius was not immediately available to comment on the threatened suspension this morning.
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