Zimbabwe: ZSE suspends Falcon, company seeks to delist from the local trade market

Zimbabwe Stock Exchange (ZSE) has suspended gold mining and exploration company Falcon Gold Zimbabwe Limited from trading its shares as the company seeks to delist from the local trade market.

The suspension came into effect on March 2 and was imposed as the company failed to publicize audited financial results for the year ended September 30, 2019.

"The Zimbabwe Stock Exchange Limited (ZSE) hereby notifies the investing public of the voluntary suspension from trading in shares of Falcon Gold Zimbabwe Limited with effect from March 02, 2020, pending publication of audited financial results for the year ended 30 September 2019 and a circular to shareholders regarding the proposed termination of listing," it said in a statement.

The statement further added, "at the Company's request, the ZSE sought and was granted permission to suspend trading in Falcon Gold Zimbabwe Limited's shares by the Securities and Exchange Commission of Zimbabwe pursuant to the provisions of Section 64 (1) (a) (ii) of the Securities and Exchange Act [Cap 24:25]. In terms of Section 9 of the ZSE Listings Requirements, the Company should continue to discharge its obligations to the Shareholders and the ZSE during the suspension until finalization of the termination of listing."

However, it is not the first time that trading in Falcon Gold Zimbabwe's shares has been suspended. In February 2019 as well ZSE had suspended trading in company's shares following the delay in publicizing audited consolidated financial statements for the year ended September 30, 2018.