At 1834 Annual General Meeting held on November 29, 2017, the company’s Managing Director, Terry Peyrefitte, opened her remarks by giving an overview of the company’s performance for the 2017FY. Ms Peyrefitte noted that since the last general meeting the company is coming off a, “very transformational year in 2016.” The company reinvented itself and transform from a media company to an investment firm, according to Ms Peyrefitte. To that end, the company divested all its media holding in 2016. The Managing Director cautioned that the transformation is still a working progress, however, the company benefits from, “expert guidance from the Board and the best professional advisor in the market.” She also noted that the, “local and international opportunity before the company, are many. 1834 revaluates these opportunities regularly and have taken steps to adjust its structure and simplify itself to take advance of the opportunities.”

The Company currently operates 5 subsidiaries and a jointed venture company, a number of these companies have been left without assets dew to the assets being transfered to RJR. As a part of its simplification process  action will be taken on these companies according to Ms Peyrefitte. The company’s subsidiary in Canada, 1834 Canada Inc. assets where transferred out and the sold remaining property was sold in April of this year. Additionally, steps have been taken to terminate operations as the Managing Director indicated that, “1834 Investments have also taken steps to win up the operations of Subsidiaries Digjamaica.com Limited, Popular Printers Limited, Associated Enterprise Limited and Selected Publications Limited.” The Company’s investment portfolio is currently valued over $1.5 billion and is split between real estate 55%, bonds 28%, equity 10%, Cash and short-term investment 5% and loans 2%. The average return on the investment portfolio was over 10%, excluding real estate, while the real estate portfolio appreciates by averages of 7% per annum plus rental income according to the Managing Director.

Ms Peyrefitte then turned the proceedings over to Mr. Rudolf Speed the Chief Financial Manager, who gave a highlight of the company’s financial performance for 2017. “The company’s revenue for 2016/2017 amounted to $199.0 million down from the prior year due to the change is the company’s reporting period”, as per Mr Speed. “In addition, there was a transfer in investment assets of $800.0 million to the RJR Group and $157 million in taxes paid. Admin and other expenses totalled $104.0 relative to $38.5 million in the prior year. There were adjustments/fall out arising from the merger which included a write back on a lease arrangement of $35.0 million, professional fees of $15.0 million and impairment on investment of $10.0 million. These expenses are not expected to recur for the ensuing financial year. Finance cost amount to $2.7 million largely due to bank charges.”