Systems integration specialist Zaptronix has assured its shareholders that it expects to submit its financial statements within the period stipulated by the JSE after it was warned by the exchange that its reports were late.
The JSE issued a standard notice this week saying that Zaptronix had missed the deadline for the submission of its annual results.
In terms of JSE regulations, listed companies must publish their financial statements within six months of their year-end.
The exchange has given the company until 30 November to submit the reports or face the threat of suspension and possible termination of the listing.
Zaptronix says the hold-up is the result of auditing problems at two UK companies within the group, namely Card Dynamics and GML.
"During the course of the audit of the Zaptronix Limited annual financial statements for the year ended 30 April 2000, the auditors indicated that audited financial statements of the English companies would be required as opposed to management accounts which were used in the previous year," the group says.
It says the group`s directors debated the issue with the auditors and tried to resolve it by ensuring the audits of the UK companies were carried out speedily.
This was not possible at Card Dynamics because that company`s auditor, Deloitte & Touche, had to resign at a late stage as a result of a conflict of interest with ASE, Zaptronix`s partner in Card Dynamics.
GML`s audit has been completed and Zaptronix says the Card Dynamics audit is being finalised and the group expects that it will be able to submit its statements within the period stipulated by the JSE.
The Zaptronix share closed at 17c yesterday, 1c up on Wednesday`s close.
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