In the interest of protecting shareholders, the Johannesburg Stock Exchange (JSE) will not be proceeding with the listing of Sagarmatha Technologies on the Main Board of the JSE on Friday 13 April 2018.
The approval of the pre-listing statement of Sagarmatha Technologies is invalid and of no force and effect as result of the companies’ failure to comply with section 33 of the Companies Act, Act 71 of 2018 and paragraph 4.6 of the JSE Listings Requirements.
The listing will not proceed for the following reasons:
The JSE was not aware of the companies’ failure to comply with the Companies Act and the Requirements when the pre-listing statement was approved and the company failed to adhere to as a specific condition of listing, to release its reviewed provisional results by no later than the 9th of April 2018.
Section 4.6 of the JSE’s Listing Requirements stipulates that the applicant must be duly incorporated or otherwise validly established under the law of the country of incorporation or establishment, and must be operating in conformity with its MOI or relevant constitutional documents, if not South African, and all laws of its country of incorporation or establishment.
This means that a prospective listed company must deal with the laws of the country in which it is incorporated.