JCI was a specialised and prominent resource and finance house investing in South Africa and elsewhere in Africa.
Following bad management, fraudulent activities and a total disregard for corporate governance the company found itself in a severely stressed financial situation around 2004.
The management was eventually replaced in the second half of 2005 and after extended negotiations, reached settlement agreements with various parties that previously had substantial claims against the company. These settlement agreements were finally implemented in 2010 and completed early in 2011.
In view of the damage caused by the previous administration it was decided to wind the company down and this process is ongoing and nearing completion. A result of these difficulties caused the delisting of JCI on the JSE on 16 April 2013, following its suspension on the exchange since August 2005.
TRADING IN THE UNLISTED SHARES
No real market exists for trading in the shares currently, but any shareholder holding shares should approach their stock broker or bank. Trading in the shares will be very similar to the past, provided a corresponding buyer or seller has been identified. After the trade the transfer of the shares will be effected in the exact same manner as previously, i.e. Computershare will do the necessary transfer between the parties. Should any further assistance be required kindly contact the company secretary, Diane Eurelle on +27 (010) 060 5518 or Candice Sachs on +27 (011) 783 8896.