THE VISIBLE HAND
TIM COHEN: JSE’s new listing proposals do not address suspiciously static companies
The proposals are varied and interesting, dramatic in places, controversial in others
The JSE has published a set of proposals to change its listing requirements to address some of the turmoil over the past year or so. The proposals are varied and interesting, dramatic in places, controversial in others. Whatever you think of them, it’s good to see the JSE stepping up to the plate and putting some interesting ideas on the table. Without saying so in as many words, the proposals aim to address some specific problems that have arisen. Steinhoff, EOH, Sagarmatha, Ayo, Capitec and Resilient, to name a few, have all been caught in storms — some innocently, some not so much. However, the situation of one company is not being addressed in the changes, and that is the Guptas’ vehicle, Oakbay. The underlying issue was share-price manipulation, which is a constant concern for the JSE, but is also, as I’m learning, a very slippery fish. What happened with Oakbay illustrates the difficulties for the JSE in combatting share-price manipulation. It’s actually not a very complicated...
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