JSE grants 45-day extension for filing audited financial statements due today
Extension comes amid continued impact of COVID-19 on operations of listed companiesWednesday, March 31, 2021
By Durrant Pate
Companies with audited financial statements due today have been granted a 45-day extension by the Jamaica Stock Exchange (JSE).
The accommodation, which was announced yesterday by JSE Managing Director Marlene Street Forrest, comes in light of the continued impact of the novel coronavirus pandemic on the operations of listed companies.
As such, the JSE, which regulates the equities market, decided to grant the extension and reminded companies that in order to access it they are required, in accordance with the rules of the JSE, to provide a notice to the equities market regulator concerning the circumstances and the probable extent of the delay.
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. Additionally, listed companies are being encouraged by the JSE to consider posting their delay notice through other channels in an effort to ensure the dissemination of information to the wider public.
For further guidance in treating with delays, the JSE advises listed companies to 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, companies listed on this trading platform may reference 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.
In the last few days several companies have posted notice on the JSE website indicating that they will be late in filing their quarterly audited financial statements.
The latest company to post such a notice was Jamaica Public Service Company Limited (JPS), which did so yesterday. JPS advised that its audited financial statements for the year ended December 31, 2020 will be submitted late, as a result of unexpected and unforeseen delays in the completion of the audit arising from the impact of COVID-19 on available resources.
JPS reported that it anticipates that its audited financial statements will be submitted on or before April 15, 2021. Further, the light and power company advised that it would be placing an advertisement in a national newspaper in daily circulation advising its shareholders of the said delay.
Last week, KLE Group Limited reported that it will not be in a position to submit its audited financial statement for the year ended December 31, 2020, due to delays in the audit process brought on by the pandemic.
“The completion of its audited financials has been further delayed and it is anticipated the said financials will be submitted by or before April 19, 2021,” KLE said, adding that an advertisement would have been placed in a national newspaper in daily circulation advising shareholders of the delay.
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