Six companies could be kicked off the JSE
Six JSE-listed companies failed to submit their annual reports by the exchange’s extended deadline and are now under threat of suspension and possible removal.
These companies are African Dawn Capital, Brikor, Efora Energy, Copper 360, Visual International Holdings, and Sable Exploration and Mining.
Companies listed on the JSE must submit their condensed or annual financial statements within three months after the end of their reporting period.
On Tuesday, 17 June 2025, the JSE announced that five companies, African Dawn Capital, Brikor, Efora Energy, Copper 360, and Visual International Holdings, failed to meet this three-month deadline. Sable was not mentioned in this announcement.
The exchange gave these five companies until the end of June to submit their annual reports, warning that failure to meet this deadline could result in their securities being suspended.
While many informed the market that there would be a delay in releasing their results, only a few provided a reason for the delay.
For example, Brikor cited “circumstances beyond Brikor Board and Management’s control” as the reason for the delay.
However, none of these five companies submitted their annual reports by the JSE’s end-of-June deadline.
This prompted another announcement from the JSE on Tuesday, 1 July. The exchange warned that if these companies still fail to submit their annual report on or before 31 July 2025, their listing may be suspended.
The exchange also annotated their listings with an “RE” to indicate that they are under threat of suspension and possible removal.
In this announcement, the exchange included Sable among African Dawn Capital, Brikor, Efora Energy, Copper 360, and Visual International Holdings.
Now, if these six companies fail to submit their reports by the end-of-July deadline, they could be suspended or removed from the JSE.
Below is an overview of the six companies, along with their reasons for the delay in publishing their financial statements.
African Dawn Capital
African Dawn Capital is a niche finance provider specialising in micro-finance, debtor discounting and structured property finance.
On 2 June 2025, African Dawn Capital informed shareholders that its audited annual financial statements and its annual report for the year ended 28 February 2025 would be delayed.
The company said it expects to publish these statements by 30 June 2025 and distribute its Annual Report by 31 July 2025.
However, it did not provide any reason for this delay in its 2 June SENS announcement.
On 1 July, African Dawn informed shareholders that it would be further delayed in publishing its FY25 annual financial statements and Annual Report.
The company said it plans to publish its financial statements by 31 August 2025 and distribute its Annual Report by 30 September 2025.
Both of these dates would miss the JSE’s new deadline of 30 July, putting African Dawn under threat of suspension or removal from the exchange.
The company did not provide a reason for this significant delay.
Brikor
Brikor has manufactured and supplied building and construction materials in South Africa since it was founded in 1994.
Brikor warned shareholders on 29 May 2025 that its results for the year ended 28 February 2025 are delayed.
It cited “circumstances beyond Brikor Board and Management’s control” as the reason for this, and added that its results are expected to be released in mid-June 2025.
On 17 June, the company released a trading statement, indicating that it expects its earnings per share for its 2025 financial year to swing to a loss of between 0.1 cents and 0.5 cents per share.
This is a decrease of over 100% compared to its 2024 financial year, when the company reported earnings of 1.0 cents per share.
Brikor released another announcement on 19 June, which contained the company’s annual financial statements for the 2025 financial year.
However, Brikor has yet to release its annual report, which is why it is still under threat of being suspended or removed from the JSE.
Efora Energy
Efora Energy is a South African-based oil and gas company originally incorporated in 1993 under the name Manga-Chem Products Proprietary.
On 30 May 2025, Efora notified its shareholders of a delay in releasing its annual financial statements for the year ended 28 February 2025, which were originally expected to be released by 31 May 2025.
The company said it expects to publish these statements by 30 June 2025 and would provide shareholders with further updates in due course, but did not provide a reason for the delay in publishing its results.
However, on 30 June 2025, Efora notified shareholders that there had been a further delay in releasing its results announcement dealing with the company’s 2025 financial statements.
The company said it expects to publish these statements by 31 July 2025 but warned that doing so would delay publishing its Annual Report for the 2025 financial year.
The Annual Report is expected to be published by 31 August 2025, but this is dependent on the publication of its financial statements by 31 July 2025.
Copper 360
Copper 360 is South Africa’s only listed primary producer of copper through environmental clean-up.
Unlike the abovementioned companies, Copper 360 has yet to inform shareholders of a delay in the publication of its results.
However, on 30 May 2025, the company released a trading statement about its results for the 2025 financial year.
In this statement, the company warned shareholders that its basic loss per share and headline loss per share are expected to have deepened by at least 100%, compared to its 2024 financial year.
Copper 360 said its results for the financial year ended 28 February 2025 will be published by no later than 30 June 2025.
On 30 June, Copper 360 released its reviewed condensed consolidated and separate financial statements for the financial year ended 28 February 2025.
However, its 2025 Annual Report has yet to be published, putting Copper 360 on the JSE’s list of potential suspensions.
Visual International Holdings
Visual International Holdings is a property company based in the Western Cape with three primary divisions: property development, property holdings, and property services.
Similarly to Copper 360, Visual International Holdings did not directly inform shareholders of a delay in publishing its financial statements.
However, on 9 May 2025, the company notified shareholders of a change in auditors, as it appointed Moore Infinity as its independent external auditor to replace LDP Chartered Accountants and Auditors.
This change took effect from 7 May 2025, and the company explained that it was initiated by LDP.
On 30 June, the company notified shareholders of a different issue related to a tax disagreement with SARS regarding a tax-deferred restructuring it underwent in 2013/14.
This announcement did not mention the delay in finalising its financial statements for the 2025 financial year.
However, on the same day this announcement was made, the company released a trading statement for its 2025 financial year.
This trading statement warned of a significant decrease in the company’s earnings for the year ended 28 February 2025, which it attributed to its tax issue with SARS.
In this statement, Visual also said its audited results for the 2025 financial year are undergoing external review and will be published before mid-July 2025.
Sable Exploration and Mining
Sable Exploration and Mining was originally called Sable Platinum and was listed as such in November 2012.
In March 2014, the company’s name was changed to Sable Metals and Minerals to better reflect its broader mineral interests.
Two years later, in January 2016, the company was approached by Middle Eastern investors who wanted to focus on diamond acquisitions, after which the name was changed to Middle East Diamond Resources.
However, the funds promised by the investors never materialised, and trading in the company’s shares was suspended on the JSE in December 2016.
In November 2021, the name was changed to Sable Exploration and Mining. Accounts were brought up to date, and trading in the shares resumed on 16 February 2022.
However, now the company faces being suspended from the JSE again due to a delay in publishing its annual report and financial statements.
Unlike the companies mentioned above, Sable was not included in the JSE’s 17 June announcement.
Therefore, the announcement on 1 July marks the company’s first “warning” about a delay in publishing its financial statements and annual report.
Sable informed shareholders of this delay in an announcement on 1 July, wherein it attributed the delay to unforeseen delays in the audit process.
The company said it expects to release its results “in the next few months” and will continue to engage with the JSE proactively in this regard and update shareholders on further developments.
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