JOHANNESBURG (miningweekly.com)– Diamond exploration company Thabex on Friday confirmed that it would appeal the JSE’s decision to terminate its listing on the bourse.
The JSE informed Thabex on Thursday that it would cancel the company’s listing and that it had 48 hours to appeal the decision. The diamond firm said it would do so before 12:00 on Monday.
The JSE said last month that it was considering terminating the listing, citing a failure to submit its financial and interim statements timeously. The stock exchange also said that Thabex did not comply with minimum capital requirements.
Thabex said it would appeal the decision based on the fact that the granting of the mineral right on February 23, 2012, to its subsidiary Monastery Mine, was a regulatory function of the Department of Mineral Resources and was outside the control of the management of the company.
Thabex’s JSE listing had also been suspended in 2008 and again between July 2009 and January 2010, for failing to submit provisional financial reports to the exchange.