Simmer and Jack has failed to meet the bourse’s three-month deadline to acquire operating assets ONE of the JSE’s oldest gold mining shares, Simmer and Jack, was suspended on Thursday after the "cash shell" failed to meet the bourse’s three-month deadline to acquire operating assets.Simmer and Jack became a cash shell in June after concluding the sale of its last operation, Transvaal Gold Mining Estates, to Stone Wall Mining.A cash shell company is defined by the JSE as a listed investment entity, whose assets consist wholly or mainly of cash due to it having disposed of all or most of its business. Such entities are required to hold a minimum of R5m in cash.As at June, Simmers held R41.4m cash on its balance sheet. JSE-listed gold miner Village Main Reef had acquired most of Simmers’ mining assets last year.The JSE on Thursday said it had suspended Simmers after the company "failed to enter into an agreement and make an announcement in relation to the acquisition of viable assets, ...
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