Nutritional Holdings, which was suspended on the JSE in May last year, was late in releasing results because its board had resignations during November and December which made it difficult to collate the required information in a timeous manner, the group said in a statement yesterday.
In addition, the CEO, financial manager and financial assistant had contracted Covid and were unable to compile any reports.
The holiday season had also disrupted communications between the various parties needed to complete the updates.
Helena Grewar had resigned as director and chairman as at November 2, 2021.
Boy Ngubo and Basil Mashabane had resigned as non-executive directors and chairperson of the Audit and Risk Committee with immediate effect. Interviews were being conducted for suitable replacements.
The company’s shares were suspended on May 26, 2021 due to concerns and potential breaches of the listings requirements.
The lifting of the suspension can only occur following the publication of audited results for the year ended February 28, 2021, which are overdue.
The board said it aimed to have the audit finalised this month. An injection of additional funding and a new strategy was also envisaged.
The board had requested the JSE for an extension of its listing until February 17, 2022, and the application for the lifting of the suspension was expected to happen in tandem with the release of the results.
BUSINESS REPORT ONLINE