iCreate faces another round of suspension Loop Jamaica

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Loop Business

6 hrs ago – Updated

iCreate founder Tyrone Wilson

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Trading in shares for the digital media company iCreate has been suspended with immediate effect for the second time in just over three months.

In a release, the Jamaica Stock Exchange (JSE) stated that it had decided 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 referenced by the JSE encompass various aspects, including financial reporting, board composition, and voting rights.

In response to these compliance issues, the JSE has opted to halt trading in iCreate Limited’s shares until the company adequately addresses and satisfies all concerns related to its adherence to the JSE Junior Market Rules.

The recent troubles for iCreate began in December, marked by the controversial return of CEO Tyrone Wilson. This period saw a significant decline in iCreate’s shares, plummeting from a three-month high of $0.92 on December 11, 2023, to a closing value of $0.41 on Thursday.

The situation escalated further on December 18, 2023, when iCreate was placed in receivership. Business recovery expert Ken Tomlinson has been appointed to lead the process of identifying assets to safeguard the interests of creditors, particularly Sagicor Investments, owed $26 million by iCreate.

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