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April 11, 2008 |
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DYOLL GROUP: Non-Compliance with JSE Rules Cues Stocks Delisting The Dyoll Group Limited has been delisted from the Jamaica Stock Exchange on Monday following failure to amend a violation that resulted in a suspension of its shares from trading, the Jamaica Gleaner reports. As executed by the JSE's Board of Directors, the delisting became automatic under Rule 411D of the regulations governing the public trading of shares on the exchange, the report relates. In addition, Rule 411D indicated that any company with shares which has been suspended from trading on the exchange for more than 180 days must be automatically delisted. JSE General Manager Marlene Street Forrest asserted that the company failed to comply with a requirement to submit audited financial statements despite several meetings and discussions. Ms. Forrest has pointed out that the company's continuous violations left the JSE with no option but to delist, the report adds. February 2005 was the first suspension of the trading of Dyoll Group's shares for breaching rule 407 because it failed to submit its quarterly financial statements following Hurricane Ivan in 2004 when there was a huge draw down on insurance claims. Report shows that trading was back after the unaudited financials were filed in October 2005 and representation made by the reconstituted Board of Directors. In March 2007, another trading was suspended for violating JSE rules 404E and 408 for not submitting its annual reports and audited financial statements. Dyoll has since presented unaudited quarterly financials for 2007 and unaudited fourth quarter results for 2006 with an accumulated deficit of US$65.6 million. Dyoll Group Ltd. is a Jamaica-based company that is principally engaged in the insurance business. Jamaica's Financial Services Commission has assumed temporary management of the Jamaica-based Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish the true position of the Company, address the matter of settlement to its claimants and ensure that its policies will remain in force after a high level of insurance claims were leveled on the company as a result of the hurricane Ivan. Kenneth Tomlinson was appointed temporary manager. Jamaica's Supreme Court ordered for the distribution of a US$653 million fund held by the FSC in accordance with the Insurance Act 2001, section 59, which says that the prescribed deposit, on the winding up of an insurance company, should be applied first to settle the claims of local policyholders. |
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