May 2011 Financial News

PanCaribbean positions for new acquisitions

May 25, 2011

Shareholders of Pan Caribbean Financial Services voted Tuesday to increase the company's authorised share capital by an additional 60 million units, a move the company said positions it to take advantage of acquisition opportunities.

"Pan Caribbean has made successful acquisitions in the past and that's the big reason why we have grown and has been successful, and we think that opportunities like that are going to pop up again and we just want to be prepared," said chairman Richard Byles at the company's annual general meeting in New Kingston.

"PanCaribbean has sufficient cash and we need to have sufficient shares available to complement that cash, so that if an acquisition comes up and the board says yes, we do have the ability to close the transaction."

PanCaribbean is reportedly negotiating a takeover of Capital and Credit, but has refused to confirm the talks.

It was no different at PanCarib-bean's AGM, where chief executive officer Donovan Perkins told a shareholder who raised the issue that it was the company's policy not to comment.

The shareholders gave approval for the company's authorised capital to be increased to 675.6 million stock units from 615.6 million units.

"We are also looking at opportunities and making approaches," said Byles.

"Sometimes it work, sometimes it doesn't, but if and when, we will be in a position to move quickly," he said.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Wednesday May 25, 2011

http://jamaica-gleaner.com/gleaner/20110525/business/business4.html