The beleaguered cannabis company is still clinging onto hope that it may still be a going concern next year, but that won’t be as a listed entity. It’s confirmed that the JSE is removing it from stock exchange on 19 December 2022.
Nutritional Holdings blames the company’s financial woes on the previous board and says it is hopeful it will survive as a going concern.
The Durban-based company issued a SENS announcement on 13 December 2022, saying it had managed to keep the liquidators at bay and that there will be more resolution in the new year.
The SENS announcement reads:
Shareholders are reminded that the liquidation of the Company has been
successfully stayed and the new court date is set for 20 January 2023. In addition,
the liquidation application for Nut Foods was moved to February 2023.
Shareholders are also advised that the termination of the listing has been formally
advised by the JSE. The Company will become a public unlisted company from
19 December 2022.
The directors and supporting shareholders/investors will continue to bring the
financial information up to date, will continue the efforts to reverse the liquidation
and continue to take legal steps to protect the underlying assets of the Company,
including Nut Foods, and to grow the business.
Nutritional Holds says it has appointed new auditors to try and bring the financial statements up to date. It hasn’t presented annual financial statements for two years, prompting much investor unhappiness and censures from the JSE. It says it been guided by consultants, who say the company, could recover if it sorts out the mess in subsidiary Nutritional Foods.
The SENS announcement reads: Nutritional Holdings has received guidance from W Consulting in terms of the approach on how to consolidate certain of the subsidiaries of Nutritional Holdings due to the inability to secure proper information and co-operation from Nutritional Foods Proprietary.
Once the Company has been regularised and stabilised, the Company will consider
applying for a new listing of the Company, either on the JSE or another stock
exchange in South Africa. The Company intends to retain the services of a transfer
secretary in order to continue to communicate with shareholders as well as through
its updated website at nutritionalholdings.co.za.
Accordingly, shareholders are reminded to continue to exercise caution when
dealing in their securities.
Shareholders on the investing.com platform have not been impressed.
Kobus Sadie asked: “My question is that why after more than two years they can’t get the financials done. It can’t be that difficult but let’s wait and see”.
CM Eg responded: “Whatever the reason is, there is no excuse for such poor communication with shareholders. we have been short changed for 2 years but after the Jan and Feb court cases I think we will know for sure if it was a total loss. Right now the current leadership are passing the buck. This is crazy, they clearly took us for a ride. as investors we need to do something!”