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Sagarmatha’s failure to submit its annual financial statements to the Companies and Intellectual Property Commission (CIPC) was behind the JSE’s decision not to allow it to go ahead with a proposed listing on Friday. On Wednesday, the company was due to announce the results of a private placement ahead of the Friday listing. However, instead of this announcement, shortly after 6pm the company released a Sens statement, saying that the JSE had decided the listing could not go ahead. “Regrettably, therefore, due to the JSE’s decision the company cannot continue with the listing on April 13,” said Sagarmatha, which described the JSE’s decision as disappointing. Sagarmatha’s announcement to the market came more than 24 hours after the JSE told it the listing could not go ahead. No explanation is given for the delay in informing the market of the critical development. In a letter to the company sent on Tuesday, the JSE explained its reasons for prohibiting the listing. The company did no...

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