The JSE has suspended The Internet Gaming Corporation`s shares, not because Igaming failed to heed a warning this week to appoint a registered sponsor, but because of a further transgression of JSE rules.
The JSE suspended the listing with effect from this morning, saying that Igaming did not issue its interim financial statements by yesterday`s deadline.
Igaming was told earlier this week that if it did not explain to the JSE by noon today why it had not appointed a registered sponsor as requested previously, it would face suspension.
It was also warned that its interim results had to be submitted by the close of business yesterday.
Igaming`s sponsoring broker at the time of its listing was Incentive Lowenthal, which is not a JSE-approved sponsor.
Igaming is in the process of a restructuring exercise involving Essential Beverage Holdings and Oxbridge Online, both cash shells suspended this week.
Essential and Oxbridge were to house businesses Igaming has deemed to be outside its core operations.
The Essential and Oxbridge shares were suspended this week as the cash shells were dormant. Cash shells must either acquire assets or be acquired within six months, according to JSE rules.
Igaming said in February it was to change its year-end to June.
An analyst says the fact that the JSE is cracking down on Igaming may also be because the group was already in breach of the exchange`s rules.
Chairman Carlo Colombotti resigned in June, but the group did not make an announcement as required by the exchange.
The Financial Service Board is also probing allegations that the company is hosting illegal gambling Web sites in SA, he adds.
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