Street Forrest welcomes C&WJCCUL to the main market

Street Forrest welcomes C&WJCCUL to the main market

Wednesday, August 12, 2020

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At the listing on Friday, July 31, 2020, of Community & Workers of Jamaica Co-operative Credit Union Limited (C&WJCCUL) on the Jamaica Stock Exchange (JSE), managing director of the JSE Marlene Street Forrest in her presentation highlighted the unique nature of the listing.

The Business Observer publishes below the full text of Street Forrest presentation.

“Distinguished ladies and gentlemen all…good morning and welcome.

This is truly a momentous occasion. Many people who are associated with our listings will attest to the fact that the Jamaica Stock Exchange (JSE) is always pleased to be part of an occasion when a company lists on the exchange as we are and will remain resolute not only about the power of raising capital on the market for companies or other entities, but on the economic and transformative impact it has on the overall economy.

While many shy away from comparisons, we believe this one is relevant, in October 2009, we knew that the first listing of Access on the junior market was a game-changer and our feeling was correct.

It was a catalyst for many more junior market companies.

In May 2019 when we listed Wigton Windfarm Limited, we again felt this was a new deal and that we would see more government diversification. It has proven to be the start of more listings.

Well, today we are witnessing a historic moment which we believe will provide a significant change in the capital market. The utilisation of the market not only by companies but other approved entities.

What is common of all these milestones, including the listing today of 450 million units of C&WJ Co-operative Credit Union Limited Series A 7.35 per cent Variable Rate JMD Deferred Share, is the manner in which all stakeholders were determined to work together and persevere to make this listing a reality.

I can recall the calls and visit from Mr Carlton Barclay and Mrs Claudette Crooks and the quick advice and encouragement from Mr Trevor Patterson. I cannot recall any rule amendment which was drafted so quickly; prepared by Trevor with the review and internal approval of the Regulatory and Market Oversight Committee and the external of the Financial Services Commission (FSC).

I can also recall the meeting with Minister Audley Shaw on this. Naturally, some actions took a little longer but finally here we are today. Congratulations to everyone who worked tirelessly towards today's event, the listing of these 450m units of deferred shares.

This is an important listing as this is the first time in the history of the Jamaica Stock Exchange that we are listing a security of an organisation that is not issued by a company which is not incorporated under the Companies Act of Jamaica or another approved jurisdiction.

What is important to the exchange is that the organisation's regulatory framework was comparable as market integrity and transparency was possibly the most important factor in the consideration for the listing of any security on our market. Consequently, our change in our rule reads:

'Approved Entity means an industrial and provident society, a cooperative society, a building society, a statutory corporation, collective investments schemes or any other entity and/or corporate structure enabled by governing legislation and approved by the exchange'

I wish to again congratulate CWJ Co-operative Credit Union as a trailblazer and I expect that soon we will see many more credit unions providing access to those who may not be members but want to participate by way of deferred shares. This will also increase capital that is so important to small business and individuals and further democratise and build the investment ecosystem. This listing is also like a breath of fresh air to us as our last, that is, the Trans Jamaican Highway came on the cusp of world events especially COVID-19, which have triggered economies large and small to react by selling down at reduced price securities listed on many stock exchanges. The Jamaica Stock Exchange sees this listing today by introduction as a green shoot and a signal that commerce is resuming and moving in the right direction.

Community & Workers of Jamaica Co-operative Credit Union Limited is the third company to list its shares on the JSE Main Market in 2020, increasing the total listed securities on the JSE to 128 (92 companies). The number of companies listed on the Main Market amount to 50; 63 securities.

I wish again to thank C&WJCCUL and all who by this move signal the belief and power of the stock market. We hope that we will be able to partner with you again in the near future with projects and initiatives that will continue to inspire Jamaicans so that they will build on the portfolio they have, or they have just started.

Once again, we welcome you here again today and implore you to keep strong, during what is still a challenging period for us all. Please continue to diversify your portfolio within the stock market. We know through your fortitude and foresight our markets will rebound shortly. “

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