Effective today, August 9, 2019, the Jamaica Stock Exchange (JSE) has suspended trading in Sweet River Abattoir and Supplies Company Limited (SRA) for breaches of the JSE’s Junior Market Board Level Requirements. The Company is being suspended for failing to have an independent non-executive on its Board as required by the rules of the JSE’s Junior Market.
Sweet River Abattoir and Supplies Company Limited breached the following JSE Junior Market rules:
• JSE Junior Market Rule 504 (1) (b) – Board Level Requirements – “The Board of Directors referred to in Rule 504 (1) shall include at least 2 independent non-executive directors”.
• JSE Junior Market Rule 504 (2) (b) – Board Level Requirements – The Board of Directors referred to in Rule 504 (1) shall … establish an Audit Committee and a Remuneration Committee that, in each case, has a majority of independent, non-executive directors as its members”.
• JSE Junior Market Rule 505 (5) – Ongoing Requirements, Board of Directors – “Each Junior Market Company shall at all times comply with the requirements for the Board of Directors set out in Rule 504”.
• JSE Junior Market Rule 500 (4) – High Level Principles, Board Level Requirements “An eligible company or Junior Market Company (as the case may be) shall at all times have a Board of Directors that complies with the requirements set out in Rule 504”.
• JSE Junior Market Rule Appendix 4, Section (2) – Admission Agreement – “On admission, and at all times during which the company is a Junior Market Company, to comply with the provisions of Rule 505 as regards ongoing requirements, and any other requirements imposed by the JSE in its absolute discretion, from time to time”.
Due to the above breaches and the Company’s inability to rectify the matter promptly, the Company was suspended in accordance with JSE Junior Market Rule 505, Section 14 (a) (i).
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