Community Technologies (C-Tech), whose JSE listing was terminated from the start of business today, says it intends to reapply for a listing.
The company`s board says it decided to accept the termination of the listing after it became clear that it would not be able to meet JSE deadlines for the publication of a circular to shareholders.
The matter stems from the announcement at the end of June that C-Tech had taken on a black empowerment partner in a reverse takeover.
It entered into an agreement with Summit Ridge Trading 2 and Sterling Asset Finance to acquire the shares of Harlequin Duck Properties 200 (HDP), which would result in black empowerment group Trans African holding 30% of C-Tech.
The HDP price, R65 million, was to be settled by the issue of 325 million C-Tech shares at 20c per share.
At the time of the announcement, HDP was in the process of acquiring 50% of Calculus Products and Compu Punch.
"To date the negotiations on Calculus have not yet been finalised," the company says.
"The directors consider Calculus as an important asset in the restructured C-Tech. After considering this, the current status of C-Tech, and the time required to implement the acquisition of HDP, the directors have concluded that they would not be able to meet the deadlines agreed on with the JSE for publication of the prescribed circular to shareholders and other regulatory requirements."
It says it will reapply for a listing once negotiations have been completed and all regulatory and other requirements have been met.
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