Investment group Micromega says it will oppose the JSE’s sanction of the company for breaching the listing rules. On Friday, the JSE announced that it had publicly censured Micromega and had imposed a R1m fine, of which R500,000 was suspended for 12 months. The company was found, among other things, to have bought shares during a closed period and without a share repurchase programme in place, four years ago. Micromega said the breach had had no effect its shareholders because after the firm discovered it, a circular was sent to shareholders to approve the specific repurchases, and 100% of shareholders present gave the transactions the nod. Of the total number of shares in question, just more than 3.8-million, or 88%, of the shares related to a single corporate finance transaction, which the company received as proceeds for the sale of shares in one of its subsidiaries. Micromega said it was of the opinion that this did not constitute a repurchase in terms of the JSE listings requir...
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