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JSE threatens to suspend King, Labat for failure to submit results

Franchise fast-food company King Consolidated and technology company Labat Africa have been threatened with suspension from the JSE if they do not submit their results by the end of the month.

The Johannesburg exchange said Tuesday the companies had not submitted their results within a three-month period and would have their listings suspended if they missed the deadline.

Paul Cotterell, a non-executive director of King, said the company's operations were sound and the delay was due to the company's difficulty with filling its accountant position. He said the group should not require until 30 June to resolve the issue and expected to report results within the next few days.

King operates a franchise management operation as well as a food wholesale and distribution business. Its principal activities are the establishment, development and operation of more than 70 franchised restaurants, pubs and fast-food outlets operating under the trade names of Saddles, Bimbo's, KEG and McGinty's.

Labat said it could not give details of the delay as it was trading in a closed period.

“We are aware of the JSE statement and our financial statements should be ready by next week to meet the June 30 deadline,” company secretary Alison Britto said.

The JSE said both listings had been annotated that they had failed to submit their provisional results on time and that the listing was under threat of suspension and possible termination.

The share price of Labat Africa has been on a downward spiral and is now trading at 5c.

King traded 11,11% higher yesterday at R1.

Source: Business Day

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