COMPANY COMMENT: Pioneer Foods crosses line over JSE penalty
While excitable penny-stock punters will be thrilled to see the PIC’s additional commitment to Sacoil
Evidently the board of Pioneer Foods did not agree with the JSE and decided that the details of the fine attached to its contravention of the Companies Act warranted a Sens (Stock Exchange News Service) announcement. A few months ago the JSE prohibited companies that had been fingered by the Companies and Intellectual Properties Commission (CIPC) — for understating their turnover values — from using the Sens platform to inform shareholders about their contravention. The contravention was not significant enough, said the JSE, and it was not price sensitive, so there could be no Sens statement about the matter. Last week, a day after CIPC named the 20 errant companies, Pioneer issued a Sens statement providing details of the fine that had to be paid to CIPC. No doubt talk of another fine from a regulatory body stirred up disturbing memories of Pioneer’s interactions with the competition authorities a few years ago. It may have been to put these memories to rest that Pioneer took to pu...
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