THE BOTTOM LINE
Choppies faces the chop if results aren’t out chop-chop
JSE listing in jeopardy because financials were due on September 30 and there is no sign of them yet
Grocery and general merchandise retailer Choppies Enterprises is flirting with the termination of its listings on the JSE and the Botswana Stock Exchange as it continues to delay the release of its financial results for the year to the end of June.
Almost five months into its new financial year, the Botswana-based company, which has operations in SA, Kenya, Zambia and Zimbabwe, is yet to indicate when it will release the results.
As a result of the delay its securities on the Botswana Stock Exchange, where it has a primary listing, were under threat of suspension and possible termination, the retailer said. The JSE, as the secondary bourse, would generally then follow. The company was required to publish the results by September 30.
Choppies has issued a handful of statements to shareholders about the delay. On September 21 the company said that the finalisation of the consolidated results was taking longer than had been anticipated.
“A number of matters requiring the attention of the board members and management, which may impact materially on the results, are still being considered and the possible reporting impacts of these matters have not yet been finally and fully determined,” it said.
Two months later the company’s shareholders and investors still do not know how the company performed in the year ended June 30. In the same September 21 statement, the company, however, told shareholders that its profit after tax for the year would be down at least 20% on the 74.64-million pula (R101.4m) reported in the previous year.