Gilboa Properties moves to save its listing.

Posted On Wednesday, 15 January 2003 10:01 Published by eProp Commercial Property News
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Gilboa Properties, the group that is transforming itself into a mining operation, is to submit a written motivation to the JSE Securities Exchange SA to save its listing.

Michelle ForsterMichelle ForsterThe group's listing came under threat of suspension or termination after the decision by its auditors KPMG to attach a disclaimer and an emphasis of matter on Gilboa's financial statement for the period ended June last year.

This was followed by an announcement by the JSE that Gilboa's listing would be annotated with a letter D, indicating the company's listing was under threat of suspension or termination.

The JSE said on Friday that it would hold a special meeting within 21 days to consider Gilboa's listing.

Gilboa's executive director Michelle Forster said the audit opinion which triggered the JSE's move was based on a subsidiary operation disposed of last year.

She said the threat of termination or suspension of its listing was remote because the company had addressed the questions about its ability to continue as a going concern. She said the transaction that gave black empowerment company Ifa Lesizwe a 50% stake in Gilboa formed part of measures which put the company back on a sound financial footing.

Ifa Lesizwe paid R50m for an equity stake in Gilboa, which according to Forster was a critical cash injection that would get the group's mining operations going.

Ifa Lesizwe was not available for comment yesterday.

The group is to move its listing from the venture capital sector to mining, and will change its name.

Last modified on Tuesday, 29 April 2014 14:01

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