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JCI delisting announcement
JCI shareholders are referred to the announcement released on SENS on 18 September 2012; and the Report of the Chairman and Chief Executive Officer contained in JCI’s Group Annual Financial Statements for the year ended 31 March 2012, wherein JCI communicated to its Shareholders that, as a consequence of the reduction of JCI’s indirect shareholding in Boschendal (Pty) Ltd. from an effective 62.67% to 49%, JCI would no longer control the majority of its assets and, as a result, it would no longer be in compliance with Paragraph 4.28(d) of the JSE Listing Requirements , and that this may result in the delisting of JCI. Following completion of the Transaction and in response to the JSE's request for JCI to justify its continued listing on the Exchange, JCI acknowledged in a formal response to the JSE that whilst JCI had addressed one of the reasons for its suspension, by publishing annual financial statements for the financial years ended 31 March 2005 to 31 March 2012, JCI did not publish these financial results in compliance with Paragraphs 3.16, 3.19(b), 3.20 and 8.62 of the Requirements (concerning timeous publication of IFRS compliant financial statements).
Notwithstanding that JCI brought the publication of its annual results up to date and is confident that it would be in a position to comply with the remaining Section 3 Requirements, JCI is of the view that it did not and would in future not meet the requirements in terms of Paragraph 4.28 of the Requirements having regard to the Transaction and the concomitant result of no longer having a controlling interest in its principal asset, Boschendal (reducing its shareholder interest from 62.67% to 49%). The JSE has notified JCI that it has carefully considered all the facts and information at its disposal and has decided to proceed with the termination of JCI's listing in terms of Section 13(1) of the Securities Services Act and Paragraph 1.11 of the Requirements, as a consequence of JCI's non-compliance with the Requirements as set out and described above. Accordingly, this announcement advises Shareholders that, following its suspension since August 2005, JCI's listing is to be terminated.
Salient dates
- Last day to trade over the counter : Friday, 5 April 2013
- Record date for delisting : Friday, 12 April 2013
- Delisting date at commencement of trade : Tuesday, 16 April 2013.
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