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Labat: JSE Warns Listing at Stake as Cannabis Group Misses Results Deadline

Labat Holdings has missed the deadline to publish its latest financials, provoking a warning from the Johannesburg Stock Exchange, that its listing may be at risk. The JSE announced on 17 June 2021 that it has given Labat until the end of the month to submit its figures for the six months ending February 2021.

 

“The JSE (JSE) wishes to advise that the above-mentioned company has failed to submit its interim report within the three-month period stipulated in the JSE’s listings requirements,” it said.

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

“If the above-mentioned company still fails to submit its interim report on or before June 30 2021, then its listing may be suspended. This announcement has been placed by the JSE in the interest of shareholders,” the JSE said.

Labat, worth an estimated R174 million, is eyeing opportunities in the growing cannabis industry and appeared to be on fairly solid footing after successfully raising funds last year. https://www.cannabiz-africa.com/labat-ploughs-ahead/

It has been very active in picking up cannabis businesses in the past few months, paying mostly with shares. Most recently it:

  • Bought 75% of Northern Cape-based cannabis cultivation company, Leaf Botanicals, in May 2021
  • At the same time, did a deal with US-based Ace and Axle to supply CBD flower and distribute its pre-rolls;
  • Purchased Ace Genetics in December 2021 for R1,8 m
  • On the retail front it has been rolling out Cannafrica stores since it acquired 70% of the Durban CBD products group in 202

Labat’s share price fell 2.5% to R0.39 on Thursday, 17 June 2020, down 9.09% in the year to date, valuing the company at R173.8bn.   See all Labat coverage here

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