Tyrone Wilson, CEO and founder of digital media company iCreate, expressed optimism about the company’s future following the resumption of its share trading on the Jamaica Stock Exchange (JSE) on Wednesday morning.
iCreate had been suspended by the JSE on January 18, marking the second suspension in three months, due to non-compliance with the JSE Junior Market Rule Appendix 4 – Admission Agreement, Paragraphs 2 and 4. These rules cover critical areas such as financial reporting, board composition, and voting rights.
However, the JSE announced on Tuesday that iCreate was now fully compliant with its rules, allowing the resumption of trading in ordinary shares.
Wilson highlighted the collective effort involved in meeting these requirements, noting the collaboration between iCreate’s board, its regulatory market team, and the oversight division of the JSE.
“It was a team effort, our board worked closely with us; we worked closely with the regulatory market – the oversight division of the Jamaica Stock Exchange. It was critical for us to play our part in keeping the integrity of the market strong”,” Wilson told Loop News.
“It took a bit longer than we expected but we, both parties, the stock exchange and ourselves, wanted to be as thorough and as comprehensive as possible,” Wilson added.
The CEO said iCreate was “very pleased about the outcome”. He praised his team, “in particular CFO Chadwick Bennett who was the man on the ground dealing with the issues”, as well as mentor Colando Hutchinson and director Anthony Dunn.
Wilson noted that the resumption of trading in iCreate shares on the JSE came when the company was in growth mode.
“It came at the right time with the performance of the company; we’re growing, we’re integrating Visual Vibe (a subsidiary) more in the operation and growing the business and experiencing synergies across the group. We’re managing cost and increasing revenue,” Wilson said.
He emphasised: “We expect to continue, and we’re just focused now on maintaining stronger governance while focusing on the growth of our businesses within the group”.
According to Wilson, “despite the past challenges, shareholders and the general public have bought into the vision of the business and what it is that we’re trying to achieve. Even when you look at today you would have expected that a stock that was suspended for five months there would be a massive sell-off but instead the stock has increased its value by about 26 per cent since this morning”.
He made that comment around 10:49 am while speaking with Loop News, and while noting that the trading day was not yet over. When the stock was suspended for the second time in January, it was valued around $0.44.
When asked where he saw iCreate in the next five years, Wilson said: “People are excited about iCreate coming back on the market; it shows how they view the company. We are building out a creative group of companies but as the economy gets more diverse and complex based on technology and so forth, it can take us anywhere. We’re keeping our eyes open for any opportunities that will enable us to deliver shareholder value”.
Today’s resumption of trading in iCreate shares is a major boost for the company that has endured a lot over the last nine months.
It was placed in receivership on December 18, 2023, in relation to a $26 million bond that was owed to Sagicor Investments and which has since been paid off.
On June 14, iCreate reported a loss of $2.2 million for its March 2024 quarter, an improvement compared to the $12 million loss in the prior year.
The company said it focused on streamlining operations and enhancing governance across its business units.
iCreate also said it has made strides in developing its new business line, indoor digital advertising, by partnering with key locations to build this segment.
