The JSE has imposed a public censure on Carl Grillenberger, the founder and chair of Advanced Health for breaching listing requirements.
In his capacity as a director and nonexecutive chair, Grillenberger bought shares when Advanced Health was trading under a cautionary and without the required clearance. The securities were bought on December 29-30 2022 via the company’s biggest shareholder, Eenhede Konsultante.
The JSE said on Friday that the prohibition in buying or selling shares during the closed period was designed to ensure that markets operated fairly and to promote investor protection and investor confidence.
“Directors have a duty to observe the restrictions and obligations stipulated in the listings requirements and failure to do so could result in unfair markets and a lack of investor protection and confidence.
Grillenberger bought 331,096 shares in Advanced Health when it was under cautionary to sell Presmed Australia business.
The day hospital group has since delisted from the JSE after majority owners led by Grillenberger offered to buy out minority investors last June.
Advanced Health listed on the JSE 10 years ago with a vision of rolling out affordable and high-quality day hospitals in SA. However, it battled to be an alternative to pricier, well-established private hospital players.
Day hospitals are healthcare facilities providing short-procedure surgical services and diagnostic procedures to be performed on a same-day basis
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