iCreate to announce next move after receivership

The troubled digital media company iCreate is to outline its next move at a special press conference this morning in the aftermath of it being placed in receivership by financial giant Sagicor.

News came late Wednesday that iCreate, which was behind in its semi-annual interest payments on a $24-million bond with Sagicor Investments, has now paid all sums due.

The bond was issued in February 2020 and the terms were for five years at an interest rate of 12.5 per cent.

But on December 18, 2023, head of Business Recovery Services, accountant Ken Tomlinson, fired off a letter advising that he’d been appointed by Sagicor Investments Jamaica Limited as the receiver-manager of iCreate.

The Jamaica Stock Exchange (JSE) in turn posted a notice: “This is to advise that the Jamaica Stock Exchange (JSE) was advised in a letter from Business Recovery Services Limited ... that Kenneth Tomlinson was appointed effective December 18,” the JSE regulatory arm said at the time.

This left recently returned iCreate CEO Tyrone Wilson fuming, as he held nothing back in a series of posts on the platform called X, formerly Twitter.

Then, in early January, the JSE suspended trading of iCreate shares on the junior market, saying the company “failed to comply with ongoing requirements as stipulated in Section 14 (a) (i) of Rule 505 in the junior market rule book”.

“The notice of suspension shall remain in force until iCreate has responded to the satisfaction of the JSE to all matters concerning its compliance with the JSE Junior Market Rules.”

Contacted for comment, Wilson would not be drawn on questions about JSE compliance, saying the company had contacted the JSE.

At the same time, while confirming that iCreate had settled its account with Sagicor, Wilson said there is more to the matter.

“All will be revealed in due course. I will say no more at this time except to say that I stand by my words posted on X,” Wilson told the Financial Gleaner.

Sources indicate iCreate may be headed to court, but Wilson would neither confirm or deny the reports.

Meanwhile, former Company Secretary Demetrie Adams finally quit after having served notice that he’d step down at the end of 2023. After staying on overtime until Wednesday, Adams was replaced by Jahmar Clarke as of February 1, 2024.

iCreate also announced the appointment of new external auditors.

‘The firm CB of 2b West Ivy Green Crescent, Kingston 10’, a notice to the JSE read.

Crichton Mullings and Associates, who served as auditors for iCreate since inception, were not reappointed following a ‘no’ vote at the company’s eventful annual general meeting at the end of November.

This saw the ouster of four board members and the return of Wilson, who had stepped aside as CEO and board member earlier in the year.

neville.graham@gleanerjm.com