Jun 2011 Financial News

NCBJ - Proposed Cross-Listing and Amendments to Authorised Share Capital

Jun 03, 2011

The following announcement was received from National Commercial Bank Jamaica Limited:

The Board of Directors of National Commercial Bank Jamaica Limited (the Company) wishes to advise the Trinidad & Tobago Stock Exchange (TTSE) that, at a meeting of the Board of Directors held on 27th May, 2011, approval was given for:

1. The cross-listing of the shares of the company on either the New York Stock Exchange (NYSE) or the Toronto Stock Exchange (TSX) commencing with an Initial Public Offering (IPO) for a transaction value of a maximum of US$175,000,000 or equivalent. The actual number of shares that will be offered will be dependent on the IPO price of the shares. Existing shareholders will be able to participate in the IPO as well as to trade on the selected exchange subsequent to the IPO.

This cross-listing will provide the Company with access to a large block of new long term funding that will contribute significantly to the strategic growth of the Company.

The Company is in the process of selecting an investment bank to assist with the cross-listing, and, our expectation is that the transaction will be completed during this calendar year. The activities involved are numerous and should span many weeks and we will keep the TTSE and investors apprised of pertinent details as we proceed.

2. The removal of the cap on the value of the Authorised Share Capital of the Company to be placed before the Company’s shareholders for consideration.

The increase would result in a greater than 25% increase in the existing Authorised Share Capital of the Company. The Company therefore undertakes that the increased capital will not be issued so as to change the control (or nature) of the business without the required regulatory approval and the approval of the shareholders in a general meeting.

We intend to seek approval for this increase from the shareholders in a General Meeting. The date of the General Meeting will be communicated as soon as it has been determined.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday June 3, 2011