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Labat results still held up

By Iain Scott, ITWeb group consulting editor
Johannesburg, 21 Jul 2005

Labat Africa, whose share is under suspension, says the publication of its results is still being held up.

In terms of JSE rules, the group`s results were to have been released by the end of May.

However, the results for the year to February were originally delayed because Labat has had to restate its results for the 2004 financial year to comply with generally accepted accounting practice (GAAP).

Labat completed the restatement of the 2004 annual financial statements and announced on 4 July that it had submitted them to the JSE for review.

It added that the publication of the latest financial results would be delayed until the JSE approved of the new 2004 statements. The group targeted 8 July as the publication date.

However, the process is taking longer than Labat expected, and the group, whose share was suspended at 12c on 4 July, has now reiterated that the results will be published once the JSE has finished its review and been advised by the GAAP Monitoring Panel that Labat has addressed "the areas of concern".

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