Total client services (TCS), which filed for business rescue in November, has called off unspecified negotiations, which had been ongoing for more than two years.

The news had no effect on its share price, as it asked the bourse on 23 December to suspend trade in its stock. It last closed at 1c, a five-year low, giving the company a value of R3.9 million.

TCS had been eagerly awaiting the implementation of the much-delayed Administrative Adjudication of Road Traffic Offences (Aarto) law to come into effect. It says the business rescue plan is currently being wrapped up by Piers Marsden, the business rescue practitioner The group said when it announced the rescue proceedings that it was “financially distressed”, because 2 450 shares, issued to Mvelaphanda Holdings, had to be redeemed on Friday. It hopes the business rescue proceedings would rescue it from its “current financial difficulties”.

TCS has been battling financially for some time. In the year to February 2013, revenue dropped 9% and its loss widened 67%. For the six months to August, fi gures that should have been published on Friday, its revenue slumped 40%, to R15 million.

Its net loss leapt to R8.2 million, from R3 million, while its basic and headline loss per share also jumped. In the results commentary it said its focus was to continue to “consolidate the existing contracts, improve the service offering and win new business”.