Pembury financial director Riaan van Jaarsveld said while the decision was not expected it was not sinister, as the JSE was following the rules set out for all listed entities.
Van Jaarsveld said the group expected the bourse to lift the suspension as soon as the results were published. “We expect to do a trading statement before May 15, after which the results will be published,” Van Jaarsveld said.
In a note to the market yesterday, the JSE said the group failed to comply with the listings requirements by not submitting its provisional financial statements within the three-month period.
“The listing of this company's securities has therefore been suspended with immediate effect,” the JSE said.
Pembury last month informed the market and potential shareholders that its results would be delayed as a result of an International Financial Reporting Standards (IFRS) matter relating to one of the acquisitions, the retirement villages, during the year under review. IFRS is the international accounting framework within which to properly organise and report financial information.
The group said the specific IFRS matter related to the fair value issue price for the acquisition, the purchase price allocation, consideration of accounting for usufructs in relation to life rights on the retirement segment and obtaining a legal opinion. It said other key matters were also being addressed.
Pembury Lifestyle Group describes itself as a holding company for businesses that offer specialised lifestyle services that contribute positively and sustainably to the development of South Africa. The group has three business segments: PLG Schools, which offers affordable quality private education; Pembury Retirement Villages, which offers retirees lifestyle accommodation services that contribute to good quality of life in mature adulthood, and PLG Properties, which acquires and maintains the properties and leases them to the rest of the group.
Van Jaarsveld said the group had made progress on finalising its financials.
“While substantial progress has been made, the company will only be in a position to publish its results and finalise the annual report this month.
"A trading statement is expected to be published on or before May 15, with the results announcement soon thereafter,” he said.
- BUSINESS REPORT ONLINE