PSE still sanctioning Abra Mining for minor infractions

Abra Mining [AR suspended] [link] was fined by the PSE yesterday for violations of Sections 17.6 (“Report on number of shareholders”) and 17.13 (“Report on foreign ownership”). These are not critical reporting failures and the vast majority of the time the only sanction levied against the erring company is a fine that is hilariously low. In this case, the notice generated by the PSE traditionally omits the particulars of the enforcement action, like listing AR’s specific wrongdoing or the specific sanctions used, but it also omitted to mention that this is not AR’s first violation of these two specific sections, or that AR has been suspended indefinitely since 2021 for selling unlisted and unregistered shares and for repeated failure to disclose quarterly and annual reports.

MB bottom-line: For new traders who wonder how some companies can remain suspended on the PSE roll for decades, AR is a good example to consider. Technically, under different sections of the same Rules that the PSE cites in this disclosure, the PSE should have already forcibly delisted AR nearly four years ago. So why is AR allowed by the PSE to remain in limbo? Surely it can’t be because the PSE would rather AR exist and generate petty fine revenue, like with these sanctions, and it’s probably not because it’s better for AR’s shareholders as was the PSE’s original contention, since it’s been almost four years and the PSE has (seemingly?) refused to force AR’s hand. It feels so dank to still be reading AR’s name, racking up misdemeanor fines, while still ignoring the elephant in the room that is the suspended company and the culpable management team that piloted the ship into the rocks. It’s been long enough. There’s no reason to allow this to continue.

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