The Jamaica Stock Exchange (JSE) has advised of the suspension of Tree of Knowledge International Corporation (TOKI). The JSE advises that further to several correspondence and telephone communications with the Company regarding overdue filings of TOKI’s 2nd Quarter Financial Statements for the period ended June 30, 2020:
“The Jamaica Stock Exchange (JSE) has taken the decision to suspend TOKI effective October 16, 2020, for failing to file the aforementioned financial statements, which are currently more than Forty-five (45) days overdue”.
“The decision to suspend TOKI is based on the fact that the Company has breached Rule 407 – Quarterly Financial Statements which states ‘Companies with quarterly financial statements which are Forty-five (45) days overdue shall have trading in their shares suspended until the reports are submitted to the JSE'”.
“The Company has also failed to provide, in accordance with the JSE Rule – Appendix 8, Policy Statement on Timely Disclosure, as it pertains to:
(i) Management and Board changes since its listing on the JSE, which should include the effective date of resignations and appointments; and
(ii) The current composition of its Audit Committee.”
The JSE further stated that TOKI should address all matters mentioned above before the suspension is lifted.