The JSE will remove penny stock Nutritional Holdings as a listed company from the bourse later this month for failing to meet listing requirements as the company fights not to be liquidated.
“The JSE provided the issuer with opportunity to make written representations as to why the removal of the issuer should not be affected,” the JSE said in a statement on Tuesday. “After careful consideration of the representations by the issuer, the JSE informed the issuer that it has decided to remove the issuer’s listing,” it said.
Nutritional’s appeal against the JSE’s decision was dismissed, paving the way for the removal of its listing on December 19. The last date of trade will be December 12.
The company, which raised eyebrows when it launched the first cannabis cryptocurrency before the JSE intervened, was first suspended from trading in May 2021.
Nutritional said in October that the matter of its liquidation will be heard in court on January 20 next year as its directors try to have the decision overturned.
Even if it wins its bid against permanent liquidation, it is unlikely to survive without a means to generate revenue. Its dry-foods business, selling milk powders and porridge to prisons and school hostels, was unprofitable. It was to be sold to a former director, but the sale was called off and some production capacity was decommissioned.
Its cannabis business, Ukukusela, intended to provide supplements to German and Japanese firms, is not operating and is awaiting licences from the SA Health Products Regulatory Authority.
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