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The JSE has censured Merchantec Capital, for what the bourse says was the firm\u2019s failure to act as a gatekeeper of issuers\u2019 compliance and to safeguard market integrity when it initially approved a Sens announcement issued by Mantengu.<\/p>\n
The Sens, published in May 2025, related to a complaint in which Mantengu alleged that a sophisticated criminal syndicate had conspired to drive its share price down for the purposes of disrupting its growth strategy.<\/p>\n
Merchantec Capital was the designated advisor to the mining investment company Mantengu until 1 July 2025.<\/p>\n
The publication was later found to be speculative, unverified and lacking the required degree of specificity and precision, and therefore should not have been disseminated.<\/p>\n
The JSE publicly censured Mantengu and imposed a suspended fine for three years, on condition that the company does not breach the relevant listings requirements imposed by the exchange.<\/p>\n
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JSE censures and fines Mantengu over unverified market claims
Mantengu hits back at JSE after being censured and fined<\/p>\n
After the announcements were published, Merchantec Capital (as the designated advisor) reassessed its position and advised Mantengu that the announcements did not comply with the listings requirements.<\/p>\n
The mergers and acquisitions specialist set out its reasons to Mantengu\u2019s board and requested that the announcements be retracted. But the company declined, with the sponsor withdrawing its approval on 28 May 2025.<\/p>\n
The JSE said that while Merchantec took steps to address the non-compliance, including requesting the withdrawal of the announcements and revoking its approval, the non-compliant information remained in the public domain because Mantengu refused to retract it.<\/p>\n
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\u201cThe JSE is of the view that the DA\u2019s [designated advisor] initial conduct in this matter fell short of the standard expected of designated advisors,\u201d the exchange said in a Sens on Monday.<\/p>\n
The JSE found that the advisor had breached the listings requirements by failing to properly guide and advise the company on the application of the rules relating to price-sensitive information and Sens disclosures.<\/p>\n
Sponsors and designated advisors also have a duty to properly assess, interrogate and, where necessary, refuse approval of any Sens announcement that does not comply with the listings requirements.<\/p>\n
The JSE says that, notwithstanding Merchantec Capital\u2019s corrective actions, \u201cit did not negate or cure the initial failure to properly assess the announcements and to withhold approval prior to publication\u201d.<\/p>\n<\/p><\/div>\n
#JSE #censures #Merchantec #Capital #approving #Mantengus #unverified #market #claims<\/p>\n","protected":false},"excerpt":{"rendered":"
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