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Financial News

Aug 2011 Financial News

JSE revises junior listing rules

Aug 05, 2011

The Jamaica Stock Exchange (JSE) has narrowed the period in which junior market companies must list their shares after an offer through the exchange from 14 calendar days to seven.

JSE said it would facilitate earlier secondary market trading opportunities.

To facilitate the tighter deadline, the JSE's listing committee has been allowed greater autonomy.

"After the listing committee review, the application for listing can be approved," said JSE general manager Marlene Street-Forrest. Previously, the committee had to send its recommendation to the JSE board for sign-off.

Rule book amended

Street-Forrest said the JSE rule book was amended in February to allow the listing committee to directly approve the listing, but would provide updates to the board at its next sitting.

The listing committee was also expanded from five to seven members.

JSE previously shortened the timeline for companies going public to produce their prospectus from 14 calendar days to seven.

Mayberry Investments Limited, which has brokered all but two of 11 junior listings in two years, says the changes could give fillip to the market.

"That is what the market needs," said Gary Peart, chief executive officer of Mayberry and newly elected president of the Jamaica Securities Dealers Association.

The junior market is currently capitalised at J$15 billion, while the main market has a value of J$606 billion.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Friday August 5, 2011

http://jamaica-gleaner.com/gleaner/20110805/business/business6.html