SPONSOR AND ADVISER
Vunani takes a hit on Sagarmatha’s failed listing
The Vunani share price slumped 58% on Friday at the end of what had been a dramatic week for its high-profile client, Sagarmatha Technologies. The AltX-listed share, which is rarely traded, dropped from R3 to close at 126c in low volume trade on Friday. Vunani, which is a black-owned financial services boutique, was the sponsor and transaction adviser to Sagarmatha’s proposed JSE listing. In 2016, Marcel Golding paid R48m to subscribe for just more than 30-million Vunani shares at a price of 160c a share. The deal gave the former Hosken Consolidated Investments chairman a 20% stake in Vunani, which is headed by Ethan Dube. The Sagarmatha listing did initially secure JSE approval, but this approval was withdrawn two days before the listing date. Sagarmatha said it received notification from the JSE that it was noncompliant with section 33 of the Companies Act and therefore was noncompliant with the JSE’s listing requirements. Section 33 requires firms to submit annual returns and fin...
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