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The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
None more than Franz Kruger - a shareholder activist that recently took a swipe at Labat CE and former SA rugby chief Brian van Rooyen for contributing to the value destruction in Labat - will feel more vindicated given the unfolding developments in the JSE-listed technology group.
A trading update released by Labat on Friday indicates that the technology group is technically back in the red.
Telling shareholders about Labat's performance for the six months ended August 2006, the company's management indicates that earning per share will range between 170% and 190% lower and headline earnings per share will be between 230% and 250% lower than the previous corresponding period.
According to the stock exchange news service (Sens) announcement for the corresponding period in 2005, the company reported headline earnings of 1.7c a share. Using this figure and the information provided in the latest Sens announcement, the company will record a loss of between 2c/share and 2.5c/share.
As part of his strategy to lift Labat out of the doldrums, van Rooyen recently told Fin24 that he had successfully disposed of all the loss-making subsidiaries within the technology group, including the ACME chain stores. So far, SAMES (Labat's semi-conductor manufacturing subsidiary) and Labat Traffic Solutions were the only divisions left in the Labat stable. Van Rooyen is now pursuing a separate listing for Labat Traffic Solutions.