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CANNABIS INDUSTRY 

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Labat’s Finance Director Resigns In Board Reshuffle

Labat’s Finance Director Resigns In Board Reshuffle

Labat Africa, South Africa’s most mainstream cannabis company has been facing headwinds with changes in auditors and incurring the wrath of the JSE with its late financial reporting. Gorden Walters has resigned and David O’Neil will replace him for the meanwhile.

Cannabiz Africa

20 March 2024 at 14:00:00

JSE listed Labat Africa, which also has a dual listing in Frankfort, is paying for its first mover advantage position in the South African cannabis industry. In the absence of a clear regulatory framework for the commercialization of cannabis and related products, Labat has been struggling to achieve its full value chain business plan.


It has been caught in the crossfire of compliance with JSE requirements, complicated by the change in its financial year end, the late submission of its annual results, which led to its suspension on the stock exchange and a goodbye to its previous auditors.


Labat says it has beefed up its finance team with the appointment of Kgomotso Manaka as financial manager with effect from January 2024.


READ: All Cannabiz Africa articles relating to Labat Africa


This is the SENS statement released by Labat on 7 March 2024:


CHANGES TO THE BOARD OF DIRECTORS

 In compliance with section 3.59(b) of the Listings Requirements of the JSE Limited,
shareholders are advised that Mr Gorden Walters ("Gorden"), Labat's Financial
Director, has tendered his resignation with effect from 31 March 2024.

Mr David O'Neill, an existing Executive Director and the former Financial Director, will
be reappointed as the Financial Director until a new appointment is made.

Shareholders are also advised that in late 2023 Labat appointed Mr Kgomotso Manaka
CA(SA), to the finance team. He assumed the role as Financial Manager for the group
with effect from January 2024.

Gorden will remain available to Labat going forward as a consultant, focusing on
valuations and corporate finance requirements, where needed.

The Board would like to thank Gorden for all his assistance over the years and wish him
well for the future as he rejoins the energy sector.

UPDATE – APPOINTMENT OF AUDITORS
The Company has secured proposals from a number of audit firms and the Audit
Committee will be considering the appointment of its auditor during March 2024.

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