Oakbay Resources and Energy shareholders were informed of the material uncertainty surrounding the company’s future ability to meet its obligations in terms of the JSE Listings Requirements as a result of these resignations, as well as a subsequent decision made by the JSE to grant the company’s request for a voluntary suspension of the listing of its securities under the prevailing circumstances.
Subsequent to these announcements, Oakbay Resources and Energy has approached several JSE accredited sponsors and transfer secretaries, but has been unsuccessful in its efforts to fill the aforementioned vacancies.
Accordingly, Oakbay Resources and Energy is of the view that it is unlikely that it will be able to fill the vacant positions; which are mandatory in terms of the JSE Listings Requirements and the Companies Act (No. 71 of 2008), on a timely basis.
Oakbay Resources and Energy shareholders are advised that the JSE has, on 10 July 2017, granted a request made by Oakbay Resources and Energy for the voluntary delisting of its securities pursuant to Section 12(5)(a) of the Financial Markets Act 19, of 2012.
This decision by the JSE follows a careful consideration by them of all relevant facts and information at their disposal, and is based on the Oakbay Resources and Energy ‘s inability to comply with the peremptory and material provisions of the JSE listings requirements, coupled with the fact that Oakbay Resources has indicated to the JSE that it is unable to continue to comply with these requirements, as a result of the circumstances set out above.