Gijima facing JSE expulsion
Struggling ICT group Gijima faces expulsion from the Johannesburg Stock Exchange (JSE) after the company failed to submit its interim report.
Gijima noted in February that Yebo Guma Investments had made an offer to acquire all of the group’s remaining shares.
Gijima said it would delist from the local stock exchange.
Each offer shareholder will receive payment of an amount of 220 cents per offer share in cash on scheme consideration record date, Gijima said.
It represents a 10% premium to the price of a R100 million rights offer completed in December 2014, and a 31% premium to the 30 day volume weighted average price of 168 cents as of the last trading day prior to this firm intention announcement, the ICT group said.
On Thursday (16 April), the JSE said that Gijima had failed to submit its interim report within the three month period stipulated in its listings requirements.
“Accordingly, the company’s listing on the JSE trading system have been annotated with an “RE” to indicate that the company has failed to submit its interim report timeously and that the listing of the company’s securities is under threat of suspension and possible termination,” the exchange said.
“Should the company still fail to submit its interim report by 30 April 2014 its listing will be suspended,” it said.
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