Financial results further delayed

FINANCIALLY troubled listed ready-mixed concrete and aggregates supplier WG Wearne has further delayed the publication of its financial results. The JSE on July 2 suspended trading in WG Wearne’s shares because of the company’s failure to comply with the JSE listing requirements by not submitting its provisional financial statements within the three-month period stipulated in these requirements. Wearne said at the time it had put in place a programme to ensure its provisional financial results were released by no later than July 30 and that discussions with major shareholders about the recapitalisation of the group were still ongoing. However, WG Wearne said yesterday (wed) it expected to release its financial results and annual financial statements by August 31. “The discussions with major shareholders regarding the recapitalisation of the group is still ongoing and shareholders will be updated regarding the outcome of these discussions,” it said. The need for the recapitalisation of WG Wearne follows the termination in May this year of a funding agreement entered into with US private equity firm Milost Global last year. Milost Global had in terms of an equity subscription agreement committed to invest up to R300 million in Wearne, which claimed Milost Global had failed to fulfil its obligations in terms of this agreement. – Roy Cokayne

GRINDROD FREIGHT SERVICES