Bonatla, Fairvest suspended by JSE

Posted On Tuesday, 03 February 2004 02:00 Published by eProp Commercial Property News
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THE JSE Securities Exchange SA announced yesterday that the listings of property companies Bonatla Property Holdings and Fairvest Property Holdings had been suspended after they failed to submit their provisional financial statements on time.

 

Property-Housing-ResidentialThe stock exchange said the suspensions were immediate pending a meeting to consider the continued suspensions or termination of the listings.

However, management of Bonatla and Fairvest have given the assurance that none of their recent deals would be affected by the announcement.

On January 22 the JSE warned that Fairvest ran the risk of having its listing suspended after it failed to submit the financial statements within the three-month period stipulated in the listing requirements. Bonatla faced the same fate.

Niki Vontas, who is a director of Bonatla and Fairvest, both of which have small market capitalisations, said yesterday that the annual financial results for the year ended September 30 last year would now be published this month.

Vontas said the delay was due to a sudden serious illness of the partner in charge of the Fairvest and Bonatla audits.

He said the chairman of auditors Grant Thornton had sent a letter to the JSE in a bid to get some leeway.

Vontas said the audit team had to be replaced, and the new partner wanted to review all the files and "start from scratch".

"The moment you have a new partner, he's not going to take off where the other auditor left off, he has to familiarise himself with all the files."

Vontas said he had expected some leeway from the JSE, but because of the regulations did not get any.

"It's understandable because it (suspension of listing) protects minority shareholders from trading shares without the knowledge of the latest financial results."

Vontas said the suspension would not affect the disposal of Fairvest's entire portfolio to fellow property loan stock firm Alpina Investments.

He said the black empowerment deal that Fairvest was negotiating was also going ahead.

"The first step of the black empowerment deal has been concluded and there will be an announcement coming soon."

He said the suspensions would also not affect the unwinding of Bonatla.

John Burke, head of the JSE's listings division, said the suspension of listings was "automatic".

Last modified on Saturday, 10 May 2014 10:39

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