iCreate suspended again by JSE
Shareholders of iCreate Limited are pondering their next moves as the Jamaica Stock Exchange (JSE) has once again suspended trading of iCreate Limited’s ordinary shares due to non-compliance of Junior Market rules.
Following the close of Thursday’s trading, a notice was posted, highlighting that iCreate’s shares were immediately suspended from trading. This suspension was enforced due to the company’s inability to meet the stipulated requirements outlined in JSE Junior Market Rule Appendix 4 – Admission Agreement, specifically in Paragraphs 2 and 4.
These specific rules speak to Rule 504 – Board Level Requirements, compliance with any other requirements imposed by the JSE, responding promptly to any enquiries that the JSE may have to verify compliance and to always deal with the JSE in an open and co-operative manner.
A company’s securities being suspended from trading means that nobody can buy or sell any units of the listed security but doesn’t mean the actual company has stopped operating as a business.
The suspension was done under Section 14 – Delisting or Suspension 14 (a) (i) which empowers the JSE to suspend or delist any Junior Market security if the company does not comply with any admission agreement requirements and rule 505 – Ongoing Requirements.
This is the second time in less than six months that iCreate has been suspended from trading following the August 21-October 10 suspension timeline. That suspension was due to the absence of a company mentor and the delay of its 2022 audited financial statements.
iCreate has been in receivership since December 18 when Sagicor Investments Jamaica enforced its claim in relation to a $20-million bond. This was a day before the iCreate board was to vote on the proposed spin-off of iCreate’s remaining 70 per cent interest in Visual Vibe.com Limited. There has been no public update on the receivership by either iCreate or Sagicor except for a statement by Sagicor Investments clarifying its decision to recover the outstanding debt on behalf of bondholders on December 28.
The JSE amended its rules last year to require three independent directors to form part of an audit committee with one bearing an accounting or audit designation. iCreate’s board is made up of executive chairman and CEO Tyrone Wilson, Larren Peart, Adrian Smith, Anthony Dunn and Donovan White.
iCreate dipped 71 per cent in 2023 to become the worst-performing stock and was down 21 per cent up to Thursday at $0.41.