The JSE’s other amendments affect new listings
Several of the changes seem designed to close the gaps used by Iqbal Survé in his failed attempt to list Sagarmatha
Some might be tempted to call them the Sagarmatha amendments, given that several of the changes to JSE listing requirements seem designed to close the gaps that Iqbal Survé drove his technically insolvent unicorn through to within inches of a listing.In future, an applicant for a main board listing must have existing subscribed capital of at least R500m, and the definition of public shareholders will exclude the extended family of a director.The various parties involved in promoting a listing — including the directors and the sponsoring brokers — will be required to issue a positive statement confirming compliance. In addition, the directors of the applicant must issue a statement confirming that it complies with the Companies Act.Beyond Sagarmatha, confirmation that a shareholder resolution is needed for the appointment of the external auditors will be of value to companies such as Nampak and Sasol.And then there’s the Christo Wiese-inspired tougher new disclosure requirements of s...
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