Durban - The JSE has publicly censured African Dawn Capital after it was found to be in breach of the JSE listings requirements. The JSE said the company failed to correctly interpret and apply the requirements of International Financial Reporting Standards (IFRS) in the preparation of its financial results for the year to February 2014.
The JSE claimed that this later led to the company restating its year-end results. “The restatements had a material effect on the financial results. The loss per share increased by 22 percent from 3.37 cents a share to 4.11c, while headline loss per share increased by 57.5 percent from 2.61c to 4.11c,” the JSE said yesterday.
African Dawn was not available to comment on the JSE’s decision. The results in question are for the 12 months to February 2014 and they were restated in African Dawn’s full-year 2015 results and released in November 2015.
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The JSE also considered the nature of the misstatements and arrived at the conclusion that, in some instances, the errors reflected a failure by the company to correctly apply non-complex or basic requirements of IFRS.