The JSE will suspend the listing of troubled technology company Faritec if it has not submitted its annual report for 2009 by 29 January.
The bourse has warned the company that the listing of the company’s securities is under threat of suspension and possible termination.
Faritec warned over the festive season that there would be a delay of “up to one month” in the release of its annual report for the year to 30 June 2009.
This, it said, was because of the “materiality and timing” of a proposed fund-raising exercise.
Faritec said it was seeking an additional R60m in funding to ensure it has sufficient working capital to implement its turnaround strategy successfully. It was in talks with unnamed parties and expected a transaction to be concluded this month.
The company’s management, led by CEO Fanie van Rensburg (pictured), said late last month that it was confident that it would return to profitability in the year to June 2010, in spite of expecting to report a loss in the six months to December 2009. — Duncan McLeod, TechCentral
