Shareholders of Pulse Investments Limited showed up Wednesday for their annual briefing on the company's performance. Only one problem: there was no meeting.
The model agency initially told shareholders that the annual general meeting would be at The Jamaica Pegasus on August 21. It later postponed the meeting, but no one was told, except, as it turned out, the Jamaica Stock Exchange (JSE).
Pulse's boss Kingsley Cooper said notice was sent to the JSE postponing the meeting to September 26. The JSE did not post the notice, nor did it update its Weekly Bulletin, which was last published on Friday with the old meeting date.
Cooper said Pulse received an email from the JSE acknowledging that the exchange had received the revised notice. However, when contacted by the Financial Gleaner, chief regulatory officer of the JSE's Regulatory Division, Wenthworth Graham, declined to confirm that JSE had received Pulse's correspondence. In an email late Thursday, Graham referred to the JSE general manager as the person to clarify issues regarding the posting of notices.
Cooper said the meeting was postponed for a month because the company felt its earlier date allowed insufficient notice.
"We were not satisfied that sufficient notice was given to members, so in the interest of meeting the required regulations and giving persons sufficient notice, we thought it best to postpone the meeting," Cooper said.
Under the regulatory framework of the JSE, listed companies are required to submit notice of the convening of an AGM within three weeks of the event.
The meeting for September 26, for which the notice has now been posted on the JSE website, will be held at The Jamaica Pegasus hotel at 10 a.m.