Blue Label faces possible suspension from JSE
JOHANNESBURG – The JSE, in a move to reassure shareholders, on Tuesday warned Blue Label that it faces suspension and the possible removal of its listing if it failed to submit its provisional report within the three-month period stipulated in the JSE’s listings requirements.
Blue Label, the majority shareholder in Cell C, last month said that it had delayed the release of its annual financials in order to take into account how Cell C’s troubles would impact its bottom line.
In June, S&P Global Ratings downgraded Cell C to selective default.
Blue Label a few hours later on Tuesday issued a SENS statement confirming the date of the release of its results.
Blue Label’s share price fell 1.04 percent to close at R2.85 on the JSE on Tuesday.
The JSE said: “The company's listing on the JSE trading system has been annotated with a ‘RE’ to indicate that it has failed to submit its provisional report timeously and that the listing of this company's securities is under threat of suspension and possible removal.”
The provisional report has to be submitted on or before September 26. The JSE has been tightening the regulatory whip after the accounting scandal at Steinhoff and rumours by short seller Viceroy rocked the markets.