It looks like iCreate has been ghosting the JSE and that got them suspended… AGAIN!

January has really been January-ing because last week, the Jamaica Stock Exchange suspended trading for iCreate shares! 

No, we haven’t gone back in time.  This is the SECOND time that the company has been suspended in roughly four months. 

iCreate was suspended back in August for failing to publish its financial reports in a timely manner. 

Now, the JSE says they’ve suspended the company with immediate effect for failure to comply with Junior Market rules. 

The specific rules that the JSE cited outline that Junior Market companies must “at all times deal with the JSE in an open and co-operative way” and respond promptly to any enquiries the JSE may reasonably make for the purposes of verifying compliance with the Junior Market rules.

So it sounds like the JSE has been having a hard time communicating with iCreate and verifying that they’re following the rules. 

And remember, there’s a lot the JSE would want to keep up to date with because iCreate was placed in receivership on December 18. Sagicor Investments took control of the company and appointed business recovery expert Ken Tomlinson as a receiver. 

His job is to recover enough assets to ensure iCreate’s lenders are repaid.

Now the JSE says the suspension will remain in effect until iCREATE responds to them at a level they’re satisfied with. So that could be a couple of days or weeks, who knows. 

iCreate’s last suspension lasted a little over a month. The company’s stock price had plummeted after news of the receivership hit the market. And it’s been on a steady decline since. 

The stock’s price is now stuck at 41 cents until the suspension is lifted.

And that’s the bottom line.