Shameful, does the JSE care?

Glnr 21834 Investments, (formerly The Gleaner Company Limited) advised the Jamaica Stock Exchange that the Audited Annual Financial Accounts for March, 2016 will be late and unavailable for publication by May 30, 2016. 1834 anticipates that it should be available for publication on or before June 30, 2016.
This is bad news for investors and bad news for the capital market. Both the Stock Exchange and the Financial Services Commission who overseas such matters should hang their heads in shame for such failure that have deprived investors of getting important financial information on the company’s operations for more than 8 months.
In the past several companies have changed their year end, as recently as late last year Desnoes & Geddes and Access Financial changed their but provided investor with results for all relevant quarters, but the Gleaner Company who changed theirs to March from December did not do so. Regulators of the Stock Exchange gave some clumsy excuse why they could not ask for the December quarter results.
The rules of the Stock Exchange are quite clear, listed companies are required to submit a quarterly interim financial report within 45 days of each quarter. In the case where a company opts to release an audited account within 60 days of the year-end, they can opt in lieu of a quarterly report within 45 days.
The focus is on reporting quarterly, that comes before the audited. What seems to escape the regulators at the Exchange is that investors are kings and queens and they are to one to be foremost in the minds of the regulators to ensure that their investment is protected. One of the main means is timely financial information. If the exchange understood this they would have ensured that the Gleaner Company would be demanded to release the December results within 45 days.
Based on the exchange’s inadequate surveillance we now have a situation where the Gleaner Company (now 1834 Investments) have not reported financial for what looks like 6 months and who knows when it will release the information.
Markets thrive on information and that is the reason why the JSE opted long ago to the publication of quarterlies rather than a six months interim and it has served investors well.

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