JOHANNESBURG (miningweekly.com) – Diamond company Thabex on Friday reported that would withdraw its appeal against the JSE’s decision to terminate its listing on the bourse.
The company’s listing would be terminated from the start of business on July 9. The day to trade would be June 28 and the record date would be July 5.
At the beginning of this month, the JSE informed Thabex that it would cancel the its listing, citing a failure to submit financial and interim statements timeously. The stock exchange also said that Thabex did not comply with minimum capital requirements.
Thabex initially planned to appeal the decision, based on the fact that the granting of the mineral right to its subsidiary Monastery Mines, was a regulatory function of the Department of Mineral Resources and was outside the control of the management of the company.
However, Thabex indicated that it had considered the effects of uncertainties pertaining to the time frames regarding the granting of the right and the listing requirements of the JSE. The company was required to prepare a circular to shareholders within 60 days from the date of the announcement on May 23, which referred to the conditional investment by Taurus Captiva to indirectly acquire up to 40% of the Monastery mine.
Thabex’s JSE listing had been suspended in 2008 and again between July 2009 and January 2010, for failing to submit provisional financial reports to the exchange.