The Jamaica Stock Exchange (JSE) has issued an advisory to listed companies seeking an extension to file their Annual Reports and Audited Finance Statements due this month.

This advisory is further to the JSE’s extension notice dated March 29, regarding its decision to grant an extension of 45-days to listed companies, which are required to file Audited Financial Statements by April 29 and Annual Reports by April 30.

In its latest advisory, the JSE indicated that companies, which avail themselves of the extension, must submit to the exchange a delay notice concerning the filing of their Audited Financial Statements or Annual Reports.

According to the JSE, “Please be advised that delay notices filed with the JSE will be posted on our website for investors to have an appreciation for the reason for the delay. In an effort to ensure the dissemination of information to the wider public, listed companies may also consider posting their delay notice through other channels.”

Guidance in treating with delays

For further guidance in treating with delays, the JSE is encouraging interested parties to please refer to “JSE Main Market Rule 408 – Audited Annual Financial Statements and JSE Appendix 7, Section 4 – General Restrictions on Dealings.”

As it relates to the Junior Market, they may refer to “JSE Junior Market Rule Appendix 2, Part 4 (2) Audited Annual Financial Statements and JSE Junior Market Rule Appendix 2, Part 8, Section 4 General Restrictions on Dealings.”

The 45-day extension, which was announced last month by JSE Managing Director, Marlene Street Forrest, comes in light of the continued impact of the COVID-19 pandemic on the operations of listed companies.

In addition to granting the extension, she reminded listed companies that in order to access this extension, they are required to provide a notice concerning the circumstances and probable extent of the delay to the JSE, Jamaica’s equities market regulator.

This requirement is in accordance with the rules of the JSE. Listed companies are also required to simultaneously place an advertisement in the print media advising shareholders of the delay and to comply with the general restrictions on dealings during this period.

Street Forrest said that in addition to placing an advertisement in the print media, listed companies are being encouraged by the JSE to also consider posting their delay notice through other channels. This suggestion is in an effort to ensure the dissemination of information to the wider public.

In the last few days, several companies have posted notices on the JSE website indicating that they will be late in filing their quarterly audited financial statements, due Sunday (April 18).