Dispute over payment gets Propfin suspended by JSE

Posted On Thursday, 08 August 2002 10:01 Published by eProp Commercial Property News
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A dispute over a couple of thousand rand has resulted in the suspension of investment company Consolidated Property and Finance from the JSE Securities Exchange SA.


Property-Housing-ResidentialThe JSE said this week it had suspended Propfin 'following the resignation by Computershare Investor Services as the company's transfer secretary'. The JSE's new rules do not allow a company without a transfer secretary to remain listed.

Computershare director Iqbal Haniff said the company stopped servicing Propfin because it has not been paid.

'Despite our best effort to settle the matter with Propfin we have had no positive response.'

Computershare's services include maintaining the shareholder's register, organising dividend payments, general meetings and distributing the annual report.

Propfin CEO Frank Tarry said the dispute resulted from an error committed by Computershare.

Tarry alleged that Propfin paid R3000 into Computershare's account, an amount which he claims was the agreed fee for Computershare services. Computershare failed to credit the company for this amount.

The JSE said the suspension would remain until Propfin settled the matter with Computershare. Tarry said the JSE's attitude was unfair. It took only the word of Computershare, and disregarded Propfin's side of the story.

Last modified on Tuesday, 29 April 2014 11:42

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