JSE Suspends Labat For Late Financials
The first cannabis company to be listed on the JSE has had its shares suspended for not producing its end-May 2023 annual financial statements on time.
30 October 2023 at 09:00:00
The Johannesburg Stock Exchange has suspended the listing of cannabis-focused company Labat Africa. It issued a general notice on the JSE’s news platform SENS on 24 October 2023 saying the share had been suspended with immediate effect.
The highest the share price has reached in the past 52 weeks, according to Sharenet, was 1,3 cents.
Labat’s last major deal was on 26 June 2023 when it acquired CannAfrica CEO Maasdorp’ 30% of the company. His stake was valued at R6 428 571 and was settled through a mixture of cash and shares, valued at 1,2 cents a share.
Cannabiz Africa understands that Labat’s listing on the Frankfort Stock Exchange has not been affected by its suspension from the JSE. It’s unclear how the suspension will affect the roll-out of Cannafrica retail outlets.
Labat has been plagued by its complicated financials which saw a change of year end and cash and equity deals in its purchase of Sweetwater Aquaponics, Ace Genetics and Biodata.
However, in March this year it said it had turned the corner and hoped to show a profit for the previous six month period.
The JSE warned Labat earlier this month over its late financials.
According to the SENS statement
“The JSE wishes to advise that the above - mentioned company has failed to comply with the JSE Listings Requirements by not publishing its condensed financial statements or annual/summary financial statements for the year-ending 31 May 2023 within the prescribed period stipulated in the
JSE Listings Requirements. Accordingly, the listing of the company’s securities has been suspended with immediate effect. This announcement has been placed by the JSE in the interest of shareholders.”
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