JSE-listed Oxbridge Online has once again incurred the ire of the JSE, which has warned the motoring e-commerce site to submit its overdue annual report or face suspension.
Oxbridge was warned about late submission in January when the JSE rules stipulated listed companies had six months to submit annual financial statements. However, new regulations require submission in three months.
Oxbridge warned investors it may not meet profit forecasts for the year to June when it released its interim results in March.
Oxbridge CEO David Cattell said at the time that while the board was confident of the company`s strategy, the timing of the closure of several large sales which were then in negotiation would determine whether the company would achieve profit forecasts for the year ending 30 June 2000.
For the six months to December 1999, Oxbridge reported an operating loss of R2.35 million and a headline loss per share of 2.01c from a turnover of just R601 000.
The struggling online company`s share price has hit record lows, trading consistently at 2c with very little interest from investors. Only 1 300 shares have changed hands since 10 October.
Cattell remained tight-lipped about the company`s situation, saying only that investors could expect an announcement next week.
The JSE has given the venture capital-listed company until 3 November to produce its report.
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