Imbalie Beauty delays AGM after making Naspers-like error

Imbalie Beauty, a small-cap company that owns the Placecol skin care brand, has had to delay its AGM at the final hour after realising that it had not sent its annual report to shareholders.

In June, JSE-heavyweight Naspers said it had to postpone its listing on Amsterdam’s Euronext exchange after some of its circulars were sent to the wrong shareholders prior to a general meeting.

Imbalie said in early July its integrated annul report, containing notice of its AGM, had been dispatched to shareholders.

“It has come to the attention of the company that an administrative error has resulted in an omission in dispatching the annual report to shareholders,” it said on Wednesday.

As a result, the board delayed the AGM to September 19, from Thursday, August 22.

Imbalie, which is headed by CEO Esna Colyn and has a market value of just R27.7m, said it would send the annual report out on Wednesday.

“We apologise for the inconvenience caused to shareholders,” the company statement said.

hedleyn@businesslive.co.za