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Financial News

Mar 2014 Financial News

FirstCaribbean International Bank Limited - Notice of De-listing from the Jamaica Stock Exchange (Press Release)

Mar 12, 2014

The Ordinary Shares of FirstCaribbean International Bank Limited (‘the Bank’) are currently listed on the stock exchanges in Barbados, Trinidad, Jamaica and the Organization of the Eastern Caribbean States.

The Jamaica Stock Exchange (‘JSE’) notified the Bank in October of 2013 that:
-The proportion of the listed ordinary shares held by persons other than the majority shareholder fell below the proportion required by the JSE Rules in that it was less than 20% of the listed ordinary shares;
-The average Total Traded Volume for the 36 month period prior to the notice from the JSE was below 2%; and consequently the Bank was in breach of the rule 402B(i)(b) of the Rules.

After carefully reviewing the matter the Bank has determined that it will not be feasible for either the proportion of the non majority held shares or the average Total Traded Volume to be raised to the minimum required by the JSE Rules it the foreseeable future.

As a consequence the Bank has decided that it will accept that it will be delisted by the JSE and has invited the JSE Board to exercise its discretion under Rule 411 A to delist the Bank at the February meeting. The Bank will thereafter advise shareholders of special arrangements to facilitate continued trading of their shares on the Barbados Stock Exchange.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday March 12, 2014