Six Companies on the Brink: Why These JSE-Listed Firms Could Be Kicked Off the Exchange

A reporting deadline has come and gone and now six companies on the Johannesburg Stock Exchange could be on borrowed time.

At first glance, financial reporting might seem like a boring box-ticking exercise. But for companies listed on the JSE, it’s a make-or-break requirement. And now, six firms, some long-standing, others more niche are skating on thin ice.

As of July 1st, African Dawn Capital, Brikor, Efora Energy, Copper 360, Visual International Holdings, and Sable Exploration and Mining have all failed to publish their annual reports in time. The JSE has responded by flagging their listings with an “RE” designation, meaning they’re at risk of removal or suspension if they don’t comply by 31 July 2025.

Why Annual Reports Matter

For ordinary investors and institutional shareholders alike, annual reports are more than formality. They provide a transparent window into a company’s performance, risks, and future outlook. Without them, stakeholders are left guessing and that’s a red flag in any market.

In South Africa, listed entities are given three months after the end of their reporting period to file their results. For many, this year’s deadline was the end of June. But these six companies either missed it outright or only submitted partial information, without a full annual report.

African Dawn Capital: No Explanation, Big Delay

African Dawn, a micro-finance and property finance company, has been the least communicative of the lot. Despite alerting shareholders to delays back in June, the company has now pushed its reporting timeline out to September 30, well beyond the JSE’s cut-off.

There’s been no clear explanation as to why, which only deepens investor concerns. On social media, users have expressed frustration: “How can they not give even one reason? It’s our money on the line,” one X (formerly Twitter) user posted.

Brikor: Bricks Without a Blueprint

Brikor, a name familiar in South African construction circles since the ‘90s, blamed “circumstances beyond control” for the delay. While it did publish its annual financial statements in June, the full annual report remains MIA.

What’s more troubling is that Brikor’s earnings per share have swung into the red. From a modest profit in 2024, it’s now forecasting a loss per share of between 0.1 and 0.5 cents a sharp dip that only fuels uncertainty.

Efora Energy: Drilling Into Delay

Oil and gas firm Efora Energy warned of delays as early as May. Initially expected by the end of June, the company’s audited results are now due on 31 July, with its full annual report expected by 31 August, cutting it dangerously close.

While Efora cited the complexity of the process, no specific reasons have been shared with shareholders.

Copper 360: Green Goals, Red Flags

Copper 360 positions itself as South Africa’s only listed copper producer focused on environmental cleanup. Despite early optimism, its results have disappointed. The company confirmed a deepening loss, over 100% worse than last year.

Although it released financials on 30 June, the annual report is still pending. Investors are watching nervously, especially given the company’s ambitious branding and social responsibility promises.

Visual International: A Taxing Delay

Western Cape-based property group Visual International has had an especially complicated year. A change in auditors, followed by a tax dispute with SARS dating back to a 2013 restructuring, has clouded its financial outlook.

While it’s promised to publish its results before mid-July, the delay has already placed it on the JSE’s watchlist.

Sable Exploration: A Rollercoaster History

Sable’s journey has been anything but smooth. After multiple rebrands and a full trading suspension back in 2016, it only resumed JSE trading in 2022. Now, just three years later, it faces the same threat again.

Unlike the other companies, Sable only appeared on the JSE’s radar this month. It blames unforeseen audit delays, but hasn’t committed to a specific date, only stating that results will be released “in the next few months.”

That vagueness isn’t likely to sit well with regulators or investors.

What Happens Next?

Unless all six companies submit their reports by 31 July 2025, the JSE may suspend their listings, a move that would bar trading and potentially trigger delisting proceedings.

In the short term, shareholders are left in limbo. Trading restrictions, loss of confidence, and price volatility are already creeping in. And for smaller companies like African Dawn or Visual Holdings, the reputational hit could be fatal.

For now, all eyes are on the calendar. As the month ticks away, so does investor patience.

Why This Matters for South Africa’s Financial Reputation

Beyond the companies themselves, this saga has wider implications. The JSE, long seen as one of Africa’s most stable and transparent exchanges, is under pressure to enforce standards. Laxity could damage trust and deter future listings.

At a time when South Africa is battling economic headwinds and trying to attract foreign investment, that’s a risk the country can’t afford.

The bottom line? Deadlines matter. Transparency matters. And if companies can’t meet the basics, maybe they shouldn’t be on the exchange at all.

{Source: Daily Investor}

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