Mantengu Mining takes JSE to court over 'censoring' of SENS announcement

Listed company Mantengu Mining has taken the Johannesburg Stock Exchange (JSE) to court over refusing to allow it to publish a full SENS announcement on through the bourse.

Mantengu says it needed to tell the market information that is price-sensitive, as soon as possible.

At the nub of the issue is a R250-million defamation lawsuit brought against the firm by another mining company, Liberty Coal, as well as charges that Mantengu's share price was being manipulated by others.

In conversation with Stephen Grootes, Mantengu CEO Mike Miller draws a picture where the JSE is in what he describes as the privileged position of 'having no accountability or responsibility' while 'having total visibility, total control and total indemnification'.

Companies on the other hand, he charges, are in the opposite position.

"That's where there's a very different play-off between being transparent and ensuring that your shareholders get factual, accurate and complete information on a timeous basis."

Mike Miller, Group CEO - Mantengu Mining

"The JSE listing requirements are clear - with price-sensitive information you need to issue a SENS without delay. The challenge here is that this information is subjective and there are prescribed guidelines... to work through that subjectivity as accurately as possible. That's what Mantengu did, and ultimately got to a final position which the JSE blocked and then wanted us to issue a watered-down version."

Mike Miller, Group CEO - Mantengu Mining

Asked whether this 'censored' information could be considered defamatory in someone else's view, Miller makes the point that the defamation suits at issue have been published, which means the information is already in the public domain.

For more detail on this complex case, listen to the interview audio at the top of the article