iCreate suspended again
Published:Thursday | January 18, 2024 | 8:25 PM
Trading in shares for digital media company, iCreate, has been suspended with immediate effect.
This is the second time in just over three months that the Jamaica Stock Exchange (JSE) has suspended trading in shares for the troubled company.
In a release, the JSE said it “wishes to advise the public that in keeping with the provisions of JSE Junior Market Rule 505 – Ongoing Requirements, Section 14 – Delisting or Suspension 14 (a) (i), it has taken the decision to immediately suspend trading in iCreate Limited's shares due to its failure to comply with the requirements of JSE Junior Market Rule Appendix 4 – Admission Agreement, Paragraphs 2 and 4.
The rules cited cover a wide range of matters including financial reporting, board composition, and voting rights.
The JSE says the suspension notice will remain in force until iCreate has responded to its satisfaction to all matters concerning its compliance with the JSE Junior Market Rules.
Shares in iCreate started to nose-dive in December following the dramatic return of CEO Tyrone Wilson, who used voting strength to oust Arlene Martin, Ricardo Allen, Dainya-Joy Wint and Ivan Carter, along with the exit of Crichton Mullings & Associates as the company's auditors.
Share fell from a three-month high of $0.92 on December 11, 2023, closing at $0.41 on Thursday.
The company was put in receivership on December 18, 2023.
Accountant Ken Tomlinson has since been marshaling the process of locating assets with a view to protecting the interests of creditors, in particular, Sagicor Investments, which iCreate owes $26 million.
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