Bonatla was suspended from the JSE Securities Exchange SA in February last year because it posted tardy and incomplete results, which did not include the results of an interest rate swap that showed it owed Nedbank R26m.

The company said yesterday that the audited financial results for the year to end September 2003 were in the process of being finalised.

Niki Vontas, a consultant to CDA Property Consultants, Bonatla’s asset managers, said the listed fund was now reconstituting its asset base and would not be wound up and delisted.

Vontas said Bonatla discovered at the beginning of last year that its previous asset managers, Catalyst, had agreed to an interest-rate swap with Nedcor, in terms of which Bonatla owed the bank R26m.

He said Bonatla could not be wound up because of this, and although it had earlier wanted to delist, it had now decided to rebuild its portfolio and bring Nedcor in to restructure the debt into equity.