Oxbridge, Essential suspended, Igaming warned

By Iain Scott, ITWeb group consulting editor

Johannesburg, 01 Aug 2001

The JSE listings of Oxbridge Online and Essential Beverage Holdings have been suspended, and the JSE has warned The Internet Gaming Corporation (Igaming) to comply with exchange rules by Thursday or face suspension.

The JSE put out a statement yesterday afternoon in which it says: "The JSE Securities Exchange SA wishes to advise that it requested Igaming to appoint a registered sponsor by Friday, 27 July 2001, as required by the JSE listings requirements. Igaming has failed to comply with this request."

The statement adds that Igaming has until noon on Thursday to make representations to the JSE explaining its failure to appoint a registered sponsor and as to why the JSE should not suspend the listing.

In a separate statement, it says it has suspended the listings of Essential and Oxbridge with immediate effect "as a result of breaches of the JSE listings requirements and pending clarification of the status of both Essential and Oxbridge".

Igaming CEO Stephen Lumb says Igaming has been in discussions with the JSE around the issue of appointing a registered sponsor and the exchange did contact him before releasing the statement.

"We have been in talks with various parties and we will appoint one," he says. "We will just have to expedite it now."

He adds that the JSE has been very patient with the company. "They`re just not patient anymore and they are insisting that we appoint a sponsor now."

He says Oxbridge is busy with a reverse listing and the suspension will not make a difference to that process. "We don`t need an active share to do a reverse listing," he adds.

Essential and Oxbridge failed to meet listings requirements since both companies have creditors and no further shares could be issued until the creditor situations are resolved, he adds.

Igaming announced in February that it had disposed of its 60% interests in Internet Lottery, as well as its 60% interest in Internet Bingo, to Oxbridge Online.

The deal gave Igaming a 52% holding in the newly reconstituted Oxbridge, which was to be renamed Electronic Lottery Service.

At the same time, Essential acquired the entire shareholding of Igaming subsidiary Internet Gaming Limited for R92.5 million.