JOHANNESBURG (Business Day) -- Brett Kebble's JCI faces suspension from the JSE today after failing to file its mid-year results by Friday.
The stock exchange warned two weeks ago it would suspend the shares of JCI, Simmer & Jack, and JCI's empowerment partner Matodzi if they did not issue their results by last Friday.
But even though Simmer & Jack reported results a week ago, and Matodzi pushed its financials through on Friday, JCI had still not done so.
Kebble's spokesman, David Barritt, said JCI staff were "working over the weekend to sort this issue out". However, there was still no indication by last night whether JCI planned to slip its results through early this morning.
Speaking on Friday, JSE head of listing John Burke said there would be "no debate about this issue".
"If we don't have the reports by (today), then we will suspend them," he said.
Another issue is that the Nasdaq exchange in the US has threatened to delist Kebble's Randgold & Exploration unless the company filed its annual report.
Although Kebble said previously the problem was "almost resolved", Barritt said on Friday that Randgold was still waiting for information from its African subsidiaries.
Matodzi's results on Friday painted a bleak picture. Matodzi said that because of accounting problems it had to make changes in its shareholding structure that would now see Kebble's JCI become 57% shareholders of the company - drawing Matodzi's status as an empowerment company into question.
Matodzi said on Friday it had an after-tax loss of R98m for the six months to March, which deepened from a R27m loss the previous year.
Auditors Charles Orbach also noted an "emphasis of matter" when it came to Matodzi's ability to continue as a going concern.
This was because the company was forced to restate its 2004 figures after it accounted incorrectly for its preference shares as shareholder equity and not debt. Reclassifying these preference shares effectively made Matodzi insolvent, so JCI agreed to convert its preference shares into ordinary shares - meaning that it owned 57% of Matodzi.
Amid this confusion, the share prices of the various companies have been hammered. Matodzi's shares fell 14% last week, JCI's shares fell 20%, and Randgold & Exploration's shares dropped 15%.
