JSE-listed Rockwell Diamonds will not be able to file audited versions of its annual financial statements for the year ended February 28, by the required deadline of June 30, the company said in a statement on Friday.
The embattled company's shares were delisted from the TSX at the end of August 2017 and concurrently listed on the NEX, a separate board of the TSX Venture Exchange.
The NEX provides a trading forum for listed companies that have fallen below the TSX and TSX Venture Exchange’s ongoing listed standards.
Trading of Rockwell’s shares has been suspended since March 24, 2017.
Rockwell on Friday said it was still in discussions with an investor with the objective for the company to dispose of its investment in its Cayman Island subsidiary, N9C, whose main asset is the shares of Rockwell RSA.
This transaction is contingent on the successful acquisition of all claims by the same investor of all the claims in all three subsidiaries.
The proceeds from such sale will accrue to the company for purposes of settling with trade creditors of the company, and making an offer to shareholders to acquire their shares in a going private transaction.