JSE suspends trading in EduFocal and Equityline Mortgage Investments | News

The Jamaica Stock Exchange (JSE) has suspended trading in shares of EduFocal Limited and Equityline Mortgage Investments Corporation Limited.

The companies failed to file audited financial statements for 2023, the JSE said in a statement on Tuesday, a few hours after the close of trading at 2 p.m.

The suspensions are effective immediately.

The lawsuit is directed against the preferred shares of Equityline Mortgage Investments Corporation Limited.

The Canadian mortgage financier listed its preferred shares on the JSE’s main market in 2019.

EduFocal, an online learning and exam preparation platform owned by entrepreneur Gordon Swaby, is a member of the JSE’s junior market and listed in 2022.

JSE rules require listed companies to regularly report on their corporate performance by filing quarterly financial reports and audited annual reports.

Under Main Market Rule 408, companies have up to 90 days after the close of their financial year to file audited annual reports.

“Immediately after the relevant board meeting and within ninety (90) days after the end of the company’s fiscal year, each listed company shall submit to the Stock Exchange two (2) printed copies and one (1) electronic copy of its audited financial statements,” the rule states.

In addition, pursuant to Schedule 2, Part 4(2) of the JSE Junior Markets Regime, listed companies are required to file audited reports up to 90 days after the close of their financial year, which for Edufocal ended 31 December 2023.

The JSE Junior Market allows investors to invest capital in legitimate small and medium-sized companies.

The JSE says trading in both companies’ shares will remain suspended until both companies have filed their audited financial statements.

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