Jul 2008 Financial News

Capital & Credit again denies it's up for sale

Jul 18, 2008

Capital and Credit Financial Group Limited is not only denying what it says are 'persistent rumours' that the company is being offered up for sale, but says it is not even in talks with any suitor.

The denial, filed via a stock market notice Thursday, follows persistent reports over several years that the Ryland Campbell controlled company was on the market and looking for buyers.

"Such information is incorrect and not true," said the company in a statement issued through the Jamaica Stock Exchange yesterday.

"No formal discussions have yet been held with any of the enquiring entities. Hence, there is no material fact to be disclosed," stated the release.

Campbell declined to disclose the names of the entities that have approached him, but told the Financial Gleaner that the enquiries have increased since the restructuring.

The CCFG stock which has traded at a high of $9.40 since its listing this year, fell by $1.32 to $7.77 on trades of 48,000 units Thursday as the rumours swirled, contributing to the 66-point decline in the broad market index.

possible mergers

The company did admit that financial players and entities from as far as Florida were proposing possible mergers or acquisitions, even after its recent re-organisation exercise, but it is advising the stakeholders they would be duly informed in the event a material transaction does take place.


Source:
susan.gordon@gleanerjm.com
Jamaica Gleaner
Friday July 18, 2008

http://www.jamaica-gleaner.com/gleaner/20080718/business/business7.html