Blue Label Telecoms will take an almost R6.71/share hit to its earnings per share for the full-year to 31 May 2019 thanks to the ongoing woes at Cell C, it warned on Thursday.
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From inception, no one has made an equity return from investing in Cell C. It’s doubtful whether Jonathan Beare and his Buffet Consortium will be any different.
The JSE warned on Tuesday that Blue Label Telecoms failed to submit its annual financial results on time and that if it fails to do so by month-end, its shares may be suspended from trading.
In the podcast this week, Duncan McLeod and Regardt van der Berg unpack Apple’s big keynote, looking at everything from the new iPhones to the surprise price of the company’s new Netflix competitor.
A board meeting of a key Cell C shareholder scheduled for earlier this month was cancelled in order to probe alleged fraud related to the removal and appointment of company directors, TechCentral has learnt.
Net1 UEPS Technologies has become the second JSE-listed company, after Blue Label Telecoms, to delay publication of financial results because of the ongoing financial woes at Cell C.
S&P Global Ratings has downgraded Cell C’s debt to “D”, or “default” – its lowest-possible “junk” rating – after the mobile operator “failed to make interest payments on certain bilateral loan facilities” due last month.
Cell C’s largest shareholder, Blue Label Telecoms, will delay publication of its full-year financial results until late September to deal with various issues related to the mobile operator’s recapitalisation and restructuring.
Cell C has missed several payments to national roaming partner MTN South Africa, underscoring the dire financial straits in which the country’s third-largest mobile operator finds itself.
Cell C’s board has appointed Douglas Craigie Stevenson as its permanent CEO. Craigie Stevenson had been serving in act acting capacity for the past five months following the resignation of Jose Dos Santos in March.