The JSE is adamant that Iqbal Surve’s Sagarmatha Technologies, due to be listed on the exchange this Friday, has met all listings requirements. However, if Sagarmatha failed to stump up a targeted R3bn in capital from investors by Wednesday morning, "there is no listing to proceed with", said Andre Visser, general manager of market regulation at the JSE. Visser said Sagarmatha Technologies, the listed vehicle into which the unprofitable Sekunjalo Independent Media (SIM) assets will be injected, has in fact received a clean audit opinion, notwithstanding that SIM is technically bankrupt. While the auditors’ report in Sagarmatha’s prospectus notes that the ability of SIM to continue as a going concern is dependent on the directors procuring funding, among others, Visser said. "They have most definitely satisfied listings requirements." Under the JSE’s main board requirements, a company needs to have capital of R50m, audited financial statements of three years and have made a profit be...
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