This micro-cap stock, with a market cap of some R100m, listed in mid-February and is already in trouble with the JSE. Its year-end is February and as per the JSE listing rules it has three months to publish results. It failed to do so at the time of writing, although it did release them eventually on 17 June.
Late results are inexcusable; significantly larger companies have managed to publish their results within the time required and Gold Brands should have been ready when it listed to produce its first set of results within the time required by the JSE.
The proposed Harry Ramsden’s deal has fallen through, and the plan to take the ChesaNyama brand to the USA sounds great but in truth it will be very tough to compete in the States. I can’t see it working.
Locally the company has a number of brands with a few having name recognition, but it lacks scale and efficiencies such as we see with for example Famous Brands*.