Delta Property Fund announces lifting of JSE suspension

Delta Property Fund

Delta Property Fund has announced the lifting of its suspension on the JSE with effect from 09:00am on the 29th of July 2021.

In a SENS announcement, the REIT reported that the JSE had concluded its review of all the matters relating to its suspension which include the publishing of its financial results for the year ended 28th February 2021; the interim period ended 31st of August 2020; the reissued, reinstated financial statements for the year ended 28th February 2020 and, Delta’s auditor, BDO South Africa Inc. having issued qualified opinions in relation to the company’s results.

In December 2020, the company informed shareholders that, following an internal forensic investigation by Mazars, there was evidence of past practices involving governance failings and wrongdoing within the company which included unsubstantiated payments, procurement irregularities, and other unethical business dealings.

Due to the withdrawal of the company’s 2020 financial statements following its board commissioning of an independent forensic investigation into irregularities within the company, the JSE suspended trading of its shares on the 15th of December 2020.

On the 1st of June 2021, Delta released its half-year results for the six months ended 31st of August 2020 and on the 30th of June 2021, it released its audited, condensed, and consolidated results for the year ended February 2021.