The JSE says Labat has until end-October 2022 to submit its latest annual report or its listing may be suspended.
The JSE says it is advising shareholders that Labat has failed to submit its annual financial statements within the four month period stipulated in the Exchange’s listing requirements.
“Accordingly, the company’s listing on the JSE trading system has been annotated with a "RE" to indicate that it has failed to submit its annual report timeously and that the listing of the company’s securities is under threat of suspension and possible removal”.
Cannabiz Africa understands that Labat is struggling to consolidate its financials after nine months of intense corporate activity, during which time it has:
Listed on the Frankfurt Stock Exchange;
Raised a credit line of US$300 m from Californian investors;
Parted ways with its Northern Cape cannabis cultivator;
Purchased Sweetwater Aquaponics in the Eastern Cape;
Committed itself to upgrading Sweetwaters to be a cannabis genetics research centre, working with subsidiary Ace Genetics as well as the CSIR;
Backed South Africa’s first ethically-certified cannabis trials via subsidiary Biodata;
The JSE says Labat has another three weeks to sort this all out.
“If the above-mentioned company still fails to submit its annual report on or before 31 October 2022, then its listing may be suspended. This announcement has been placed by the JSE in the interest of the shareholders”.