ZSE remove Pelhams, Radar from official list
RADAR Holdings and Pelhams Limited have been removed from the Zimbabwe Stock Exchange (ZSE) official list effective today.
Both companies have been inactive on trading on the ZSE since last year. Radar Holdings applied for voluntary suspension on October 6 last year and terminated ZSE listing in February this year.
Pelhams applied for voluntary suspension on November 26 2015 following its placement on provisional liquidation.
In a statement on Friday ZSE Chief executive Officer Alban Chirume said in terms of Section 1.18 (d) of the ZSE Listing Requirements, holders of Pelhams and Radar holdings securities will no longer be tradable on the Zimbabwe stock exchange with effect from 3 May 2016.
According to ZSE, the basis on which Pelhams was suspended includes failure to meet its obligations during the suspension period.
“Pelhams failed to hold annual General Meetings and publish audited financial statements for 2014 and 2015. It also failed to publish quarterly updates as required and is yet to settle its listing fees arrears for the aforementioned years,” he said.
Pelhams’ provisional liquidation order was extended to 27 July 2016 after a request for more time by the company to explore a number of options and come up with an optimal structure for key stakeholders.
According to Provisional Liquidator Christopher Maswi, chances are however high that the company will go into final liquidation.
“The return date for the Provisional Liquidation order was 6 April 2016 but an extension was sought as per the request of the Applicants who requested for more time to explore a number of options and come up with an optimal structure for the key stakeholders,” he said.
The company was placed under Provisional Liquidation on November 18, 2015 following an application by creditors. To that effect, the ZSE temporarily halted trading in Pelhams shares with effect from November 25, 2015 pursuant to Paragraph 4.13.2 of the ZSE Automated Trading System Rules and Procedures pending further announcements.
On other hand, Radar Holdings Limited’s performance prompted the company to seek approval for de-listing from the Zimbabwe Stock Exchange (ZSE), as it also sought to cushion itself from the costs associated with maintaining its listing on the local bourse.
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