The Jamaica Stock Exchange says the shares suspension affecting iCreate Limited remains in effect as the embattled digital media and training company failed to comply with the Junior Market rule with respect to “mentor requirements”.
The JSE, which initially suspended iCreate share trading on August 21, confirmed that the company submitted its 2022 audited financial statements on September 30.
The market regulator, in a terse statement on today (October 2), noted that despite the statement submission, iCreate Limited failed to remedy the breach of JSE Junior Market Rule 503 – Mentor Requirement, Section 1 (a) – Appointment.
As such, “trading in the shares of iCreate Limited will continue to be suspended until the breach is remedied”.
The specific breach, according to the JSE Junior Market Rule Book, contravenes regulations which stipulate that “Unless the JSE agrees otherwise, an eligible company shall, prior to initial admission, and at all times during which it is a Junior Market Company, have a mentor who shall act as a compliance adviser to the board of the eligible company or the Junior Market Company (as the case may be) in accordance with this Rule 503.”