Choppies

[Spreadsheet Ranger]

I've been following this stock since they listed (I don't own them, I am a Shoprite shareholder), but I do like this sector.

I've heard so many things around this stock that I am struggling to make out what is true and what is smoke.

I am thinking of entering into Choppies as a way to diversify a bit in the food sector.

Problem is there is stuff like this hanging over the company:

 

Quote

Choppies faces Oct 31 deadline from BSE 

The Botswana Stock Exchange Limited (BSEL) has threatened to suspend or delist Choppies, should the retail giant’s ongoing failure to submit audited financial results for the year ended June 30 continue.

How does that affect their JSE listing and SA operations? 

[LentilSoup]

I just saw this on sharenet.


GABORONE (Reuters) - Botswana's stock exchange has suspended trading in the shares of food retailer Choppies Enterprises because the company missed a deadline to publish its financial results, the bourse operator said on Thursday.

Choppies operates in eight African countries and has a secondary listing in Johannesburg, where its shares were also suspended. It failed to release its annual results within three months of its financial year-end, breaking the stock exchange's rules.

"The trading of the Choppies securities will remain suspended until the company complies with the Stock Exchange listings rules or until further notice," the Botswana Stock Exchange Limited (BSEL) said in a statement.

Choppies has 1.3 billion shares listed in Botswana and on the Johannesburg stock exchange.

In September, Choppies said the delay in publishing its results was due to its new auditors' reassessment of the company's balance sheet.

New external auditors appointed in January 2018 are reassessing the company's past accounting practices and policies including valuation of inventory, impairments on property, plant equipment and the value of acquisitions by its South African subsidiary.

In a separate statement on Thursday, Choppies said it was still not able to determine when it would be in position to issue financial statements for the year ended June.

Shares in Choppies have dropped more than 70 percent so far this year compared with a 10 percent decline for the Botswana stock exchange.

Choppies runs around 200 stores mainly at home and in north-western parts of South Africa. It has a market value of around 50 million rand ($3.44 million).

 

($1 = 14.5386 rand)
(Editing by Elaine Hardcastle)
2018-11-01 12:59:18