Imbalie Beauty misled investors, JSE says
The company, headed by Esna Colyn, has been publicly censured by the JSE for publishing information that was ‘incorrect and misleading’
AltX-listed Imbalie Beauty, which operates beauty and wellness chains including Dream Nails Beauty salons, has been reprimanded by the JSE for misleading investors.
"Imbalie Beauty failed to observe the highest standards of care when disseminating information into the marketplace as the published information was incorrect and misleading," SA’s main bourse said on Wednesday, referring to a 2018 announcement.
Imbalie Beauty said on March 1 2018 that the underwriters of its rights offer had taken up their rights and thus fulfilled their underwriting commitment.
However, the underwriters "only fulfilled their underwriting commitments on March 15 2018", the JSE said.
The exchange "has decided to impose this public censure" against Imbalie Beauty owing to the transgression of its listings requirements.
Imbalie Beauty’s share price has remained unchanged at 2c for nearly a year. That gives the company, led by CEO Esna Colyn since 2010, a market capitalisation of R27.7m.