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Thu 1 Mar 2018
Close: 7c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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Bonatla - removal of JSE listing
The JSE recently advised the above Issuers that it was considering the removal of the respective listings of the Issuers at the instance of the JSE pursuant to the provisions of paragraphs 1.11 and 1.12 of the JSE Listings Requirements.
The above Issuers are currently suspended due to various reasons of non-compliance with the JSE’s Listings Requirements.
Although the above Issuers have been suspended, each Issuer is still obliged to comply with the provisions of the JSE Listings Requirements and issue updated reports to the JSE on the status of the affairs of the Issuer. The JSE engages with the issuers regularly to establish whether there is any prospect of the suspension being lifted and whether any value could be returned to investors (in the case of liquidation). Where the JSE has received confirmation that no value will be returned to shareholders or there is no reasonable prospect of the suspension being lifted, it will only then consider the removal of the listing of the issuer.
Process
Before the listing of an Issuer may be removed from the JSE, the JSE must, pursuant to the provisions of the Financial Markets Act No. 19 of 2012 and the JSE Listings Requirements –
- inform the Issuer of its intention to remove the listing;
- give the Issuer the reasons for the intended removal of listing; and
- call upon the Issuer to show cause, within a period specified by the JSE, why the removal of listing should not be effected.
After engagement with the above mentioned issuers, the JSE followed the above due process and provided all the issuers with an opportunity to make written representations to the JSE as to why the removal of the issuers should not be effected.
After a decision of removal was made by the JSE, issuers were notified and no objections to the removal of their listings were received and the JSE will commence with the removal of the listings.
Shareholders are therefore advised that the listings of the respective Issuers will be removed from the commencement of business on Monday, 5 March 2018 and that shareholders will remain shareholders in unlisted companies.
Accordingly, the last day to trade will be Tuesday, 27 February and the record date will be Friday, 2 March 2018.
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Bonatla - cautionary announcement
Pursuant to the Kinfedi transaction not proceeding, and the continued difficulty experienced by the Company to inject additional assets due to the suspension in order to meet the requirements of paragraph 4.28 of the JSE Listings Requirements, the board of directors have elected not to object to the JSE’s proposed removal of the listing. A further consideration is the high cost of compliance whilst the Company is suspended without the associated benefits of its securities trading on the JSE.
Shareholders are advised that the Company will continue as a public unlisted company and will maintain a share register with its transfer secretary. The Company will also be able to proceed to complete various transactions and share issues that there were previously unable to complete due to the continued suspension of the Company’s securities, as well as regularise the Company’s affairs. Substantial cost savings will also be achieved.
Shareholders are advised that the Company intendeds to restructure the group and once finalised, will explore opportunities to enable Bonatla shareholders to hold tradeable securities, either onshore or offshore.
The Company will keep shareholders and other stakeholders updated through its website and other means of communication and the date of the removal of the listing will be announced in due course.
Accordingly, shareholders are advised to exercise caution in dealing in the Company’s securities until a further announcement is made.
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Bonatla - resignation of director
Shareholders are advised that Mr Karl Johannes Otto has resigned as Financial Director with effect from 24 January 2018. The resignation letter was received late by the Company.
The Company will be required to appoint a new Financial Director and a further announcement will be made in due course.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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