Ellies’ attempt to enter the renewable energy market ended in failure, leading to financial difficulties and the decision to suspend trade on the JSE.
1. The company cited its inability to meet the ongoing requirements of the JSE listings as the reason for the trade suspension.
2. In January, the Ellies filed for business rescue after its mainstay business, closely tied to DStv’s satellite service, experienced a downturn.
3. Ellies was originally listed on the JSE’s Alternative Exchange (AltX) in 2007 and later moved to the main board in 2010. It imports, manufactures, and sells electronics equipment and undertakes solar installations.
4. The company has faced financial challenges for the past decade, as reflected in its consistently low share price, which has hovered around 1c-2c in recent months compared to around R9 in 2013.
5. All board members, except for the CEO and chair, have resigned, indicating the extent of the company’s difficulties.