Group Five to delist from JSE
Embattled construction company Group Five will delist from the JSE in June.
The last day of trading for the company will be on June 9, with the record date for the delisting being June 12 and the company’s listing to be officially removed from the JSE on June 15.
The rationale, a statement on May 11 explained, is that the business rescue practitioners (BRPs) believes that there is no realistic prospect of there being any residual value available for or attributable to the company’s shareholders and, consequently, the issued shares of the company have no value.
Stakeholders were informed of the decision at a meeting in September last year, and it has been tabled in the business rescue plan.
In addition, Group Five no longer complies, or will no longer be able to comply, with the JSE listing requirements in various material respects.
Some of these include the company not having a duly constituted board and having no board committees in existence following the various resignations of key personnel.
The company’s subscribed capital, which includes reserves but excludes minority interests, revaluation assets and intangible assets, amount to R1.4-billion.
Group Five has also been unable to release audited financial results, with the last financial results having been released on June 30, 2018, which contained an operating loss of about R1.2-billion and which is below the requirement of an audited profit of at least R15-million before tax and after taking account of headline earnings adjustments on a pre-tax basis.
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