Nov 2014 Financial News

GraceKennedy extends share buy back

Nov 24, 2014

KINGSTON—The GraceKennedy Board of Directors has approved the extension of the share repurchase programme to December 31. The share repurchase programme which was initially approved by the Board in February 2013 and which commenced on October 17, 2013 was for the purchase of up to a maximum of 2.5 per cent of the shares of the company in issue from time to time over a period of one year to October 17, 2014. 

Under this programme the company has so far repurchased a total of 3,847,550 out of the maximum of 8,382,965 units. GraceKennedy has further announced that there is no change in the administration of the programme and the repurchase of the shares will continue to be conducted on the open market through the company’s stockbrokers in Jamaica and T&T. The company’s cash flows will be the source of funds for the repurchase of shares.

As before, the company will also not be setting a fixed price for the share repurchase, and the price for the acquisition of the shares will be the market price at the times of the repurchase. The company continues to reserve the right to decline any offer above the ceiling that the company may from time to time determine in its sole discretion.

In keeping with the requirements of the Companies Act of Jamaica, within 30 days of the dates of the repurchase of shares, GraceKennedy will advise its stockholders of the number of shares purchased, names of stockholders from whom they were purchased and price paid.

Source:
Trinidad Guardian
Monday November 24, 2014

http://www.guardian.co.tt/business/2014-11-24/gracekennedy-extends-share-buy-back