The JSE has granted a request by Oakbay Resources for a voluntary suspension of the listing of its securities, on a temporary basis.
The suspension takes place with immediate effect.
The recent resignation of the company’s sponsor, transfer secretary and an independent non-executive director – who was also chairman of Oakbay’s audit committee – has created significant uncertainty around the ability of Oakbay Resources to continue to meet its future obligations in terms of the listings requirements, according to a statement from the company.
“As a direct consequence of these circumstances, the board believes that it would be in the best interests of the company and its shareholders that the listing of its securities on the JSE is temporarily suspended.”
The Oakbay statement adds that the board is evaluating several available alternatives.