Scarcely a year after listing on the JSE, the shares of Pembury Lifestyle Group, which holds private education and retirement village assets, are already in limbo. On Wednesday the JSE suspended Pembury’s shares after the company failed to publish its financial statements for the year to end-December within the three-month deadline. The last traded price for the shares was 32c, giving Pembury a suspended market value of R128m. It listed in March 2007 after placing shares at 100c per share to raise R140m. There was initial market scepticism around the Pembury listing, which appeared to be an opportunistic attempt to capture the red-hot sentiment (at the time) for private education offered by much larger private education counters such as Advtech and Curro Holdings. In a Sens statement Pembury explained that an accounting issue stemming from the acquisition of retirement village assets was delaying the publication of the financial results. The firm said the specific accounting issue r...

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