PHILLIMON MHLANGA
The Zimbabwe Stock Exchange (ZSE) has halted trading of struggling miner Falcon Gold Zimbabwe (Falgold)’s shares following a delay in the publication of its financial results for the year to September 30, 2019.
ZSE chief executive officer Justin Bgoni said the country’s capital markets regulator, the Securities and Exchange Commission, has given the local bourse the greenlight to suspend Falgold shares.
Falgold, which is contemplating a capital raise initiative, has voluntarily requested to delist from the ZSE after failing to overcome a number of operational challenges.
“The ZSE hereby notifies the investing public of the voluntary suspension from trading in shares of Falcon Gold Zimbabwe Limited with effect from March 2, 2020 pending publication of audited financial results for the year ended September 30, 2019, and a circular to shareholders regarding the proposed termination of listing,” Bgoni said.
“At company’s request, the ZSE sought and was granted permission to suspend trading in Falcon Gold Zimbabwe Limited’s shares by the Securities and Exchange Commission of Zimbabwe pursuant to the provisions of Section 64 (1) (a) (ii) of the Securities and Exchange Act (Cap 24:25).
In terms of Section 9 of the ZSE Listing Requirements, the company should continue to discharge its obligations to the shareholders and the ZSE during the suspension until finalisation of the termination of listing.
Last year, Falgold’s shares were suspended for seven months for failing to publish audited financial results. The suspension was, however, lifted in September last year after it fulfilled the listing requirement of the bourse.
