JSE suspends listing of cement distributor WG Wearne
The JSE has suspended the listing of building materials supplier WG Wearne, saying on Monday that the company had failed to supply its annual financial statements within the required six-month period.
WG Wearne could not immediately be reached for comment on Monday, while Grant Thornton, which reviewed the results, said it could not comment, citing client confidentiality.
The cement supplier was hard hit by the 2008 financial crisis, as well as generally tough financial conditions. The company came out of an agonising provisional liquidation process in late 2015, saying it was the first JSE-listed company to do so.
Its share price fell from R1.80 to 9c when it was suspended in mid-2013.
WG Wearne’s share price has since been volatile, including a 325% surge on Tuesday last week, when the company announced it had reached agreement with Milost Global for equity and debt funding of up to R300m, subject to certain conditions.
Since the announcement the share price had lost about 80%, including 7.14% to 13c on Monday, before it was suspended.
With Mark Allix