More 1834 Investments delays

Glnr 2Having not published the December 2015 quarterly report as required by the Jamaica Stock Exchange rules, 1834 Investments (formerly The Gleaner Company Limited) who previously advised of a delay in reporting the March 2016 before the end of June, now promises the release of the audited accounts of the company by July 31, 2016.
The companies release comes against the background of an IC Insider report on the further delay in a posting on Tuesday.
According to the release which was issued and posted July 5, 2016 at 3:57 pm, the company stated, “as previously advised, the restructuring activities of the company during 2015, coupled with the change in financial year-end, and close of the merger transaction with Radio Jamaica Limited in March 2016, have necessitated an extensive revision to how the company’s accounts are compiled, reviewed and presented in order to distinguish between the continuing operations of 1834 and the discontinued media operations.”
“1834 Board is aware that shareholders are anxious to see the company’s financial results; however, 1834 is taking time to ensure the total accuracy of the accounts.1834 also advises that the audit review exercise is substantially complete and every effort is being made to finalize the accounts for release in advance of July 31, 2016.”
Radio Jamaica last week also indicated that their 12 months results are further delayed resulting from the merger.
Whether, the companies make the revised deadlines, the Jamaica Stock Exchange is not looking pretty in the messy situation of the failure for the Gleaner to release the 2015 numbers. The question now to be asked, should these companies shares still be trading with an unclear financial picture, occasioned by the long delays and the uncertainty resulting therefrom.

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  1. […] traded a mere 650 shares but gained 60 cents to $65, Ciboney traded 35,000 shares at 21 cents, 1834 Investments traded 31,000 shares to close at $1. Grace Kennedy gained 50 cents and closed at $120.50 with 7,280 […]