Blue Label under threat of JSE listing suspension

Blue Label Telecoms faces the threat of a listing suspension by the JSE for not publishing its annual reports and notice of its annual general meeting within the required four months.

“The Johannesburg Stock Exchange (“JSE”) wishes to advise that [Blue Label Telecoms] has failed to distribute its annual financial statements and notice of annual general meeting (“Annual Report”) within the four-month period stipulated in the JSE’s Listings Requirements,” the JSE said in a statement issued on 1 October 2019.

“Accordingly, the company’s listing on the JSE trading system has been annotated with a ‘RE’ to indicate that it has failed to comply and that the listing of this company’s securities is under threat of suspension and possible removal.”

The JSE said that if Blue Label failed to distribute its annual report on or before 31 October 2019, then its listing may be suspended.

Blue Label pre-empted this announcement a day earlier with its own statement, telling shareholders that this information would be shared before the end of October.

“Further to the annual results for the financial year ending 31 May 2019 released on SENS on Thursday, 26 September 2019, shareholders are advised that the integrated annual report and notice of annual general meeting will be made available on 29 October 2019,” the company said.

Blue Label published its results on 26 September 2019, following an initial delay due to the effect of financial problems at Cell C on its results, as the company owns a 45% stake in Cell C.

The company’s results coincided with Cell C’s, which showed a net loss, after tax, declared at R8.03 billion.

Now read: Cell C has a great future – Blue Label

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Blue Label under threat of JSE listing suspension