Micrologix, which was threatened with the suspension or termination of its listing after the audit opinion on its financial statements was disclaimed, appears to have resolved the situation.
The company, an IT provider in the healthcare industry, was first warned in April after it missed the JSE`s deadline for the submission of its preliminary reports for the year to 31 December 1999.
In August the JSE said the audit opinion on the financial statements had been disclaimed and a special meeting of the committee of the JSE would be convened within 21 days "to consider the continued listing, or suspension and possible subsequent termination of its listing".
Micrologix, which showed an attributable loss of R89.4 million for its maiden year, has told shareholders it will "continue operating as a listed entity".
"The fundamental uncertainty which existed relating to the carrying value of the material assets of Micrologix have been addressed," it says.
"Micrologix has rationalised its overhead structure and reduced operating costs substantially," the statement continues.
"In addition, Micrologix is in the final stages of raising additional funds to meet existing obligations to creditors and to provide sufficient working capital."
Calls made to the company`s offices this morning were unanswered.
The Micrologix share was unchanged at 7c this morning.
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