The JSE has dodged questions over the sanctions it will apply to Eastern Platinum, which is listed in Toronto and on the JSE, after the company failed to publish seven price-sensitive notices on the JSE’s regulatory news system.
The announcements were published on the Toronto Stock Exchange between July 7 and August 9, but appeared on Sens only on August 11.
Eastplats, a platinum company with a mothballed mine near Brits, has recently experienced a major change in management and ownership.
The delayed announcements included those of the appointment of a new CEO and an interim CFO, and the emergence of an unknown entity, Hong Kong-based Ka An Development, as the biggest shareholder.
Andre Visser, the JSE’s GM of issuer regulation, says the Johannesburg bourse temporarily halted trade in the shares once it had learnt about the omission (from the Financial Mail). The JSE is talking to the company and its sponsors about the circumstances around the delay.
Johan Holtzhausen, CEO of Eastplats’s sponsors PSG Capital, says Eastplats has had two CEOs in the space of less than six weeks as well as board changes. PSG had communicated the importance of complying with JSE rules, and had complied with its duties as a sponsor, but it appeared there was an oversight by Eastplats’s new management.
Holtzhausen says he is aware only that about 15,000 shares traded during the period of noncompliance.