Oct 2017 Financial News

Scotia Investments Jamaica Limited - Supreme Court Approves Scheme of Arrangement

Oct 02, 2017

Scotia Investment Jamaica Limited (‘the Company”) hereby announces that the Supreme Court of Jamaica has approved and sanctioned the Scheme of Arrangement pursuant to which stock units in the Company (other than those held by Scotia Group Jamaica Limited) will be cancelled in consideration for cash payments J$38.00 per stock unit (payable to stockholders in Jamaica currency or, at their election, in United States currency but in United States currency only in the case of stockholders whose stock units are cross-listed on the Trinidad and Tobago Stock Exchange). The Court Order was filed with the Registrar of Companies today and accordingly Scheme has become effective.

Completion of the transaction was dependent upon the Scheme of Arrangement being approved by the requisite majorities of the Company’s stockholders and also sanctioned by the Supreme Court. At a stockholders’ meeting held on August 30, 2017 86.05% of the stockholders in attendance at the meeting holding 99.95% of the stock units represented at the meeting voted in favour of the Scheme.

Payments will be dispatched to minority stockholders of the Company by October 3, 2017. Payments to stockholders whose stock units are cross-listed on the Trinidad and Tobago Stock Exchange and stockholders in Jamaica who have elected to receive payment in United States currency will have their payments converted to United States currency based on the weighted average selling rate for US$ published by the Bank of Jamaica on September 28, 2017, being three (3) Business days before the Payment Date. The relevant conversion rate is US$1.00 = J$129.9901.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday October 02, 2017