April 11, 2023
Caribbean Producers (Jamaica) Limited (CPJ) has advised that on April 27, 2018, the Company authorized the private placement by way of an exempt distribution under the Guidelines for Exempt Distributions (Guidelines SR-GUID-08/05-0016) of a series of 5-year unsecured promissory Bonds (“the Bonds”) denominated in Jamaican dollars (“J$”) for an aggregate principal amount of J$500,000,000. These bonds mature in May 2023. The company has announced that these bonds were completely retired on April 8, 2023. CPJ has also advised that in 2016, Tax Administration Jamaica (TAJ) conducted a GCT audit for the period January 2012 to December 2015 and proposed an adjustment to the returns for the period. Over the years proceeding, the management under the oversight of the Board of Directors dialogued with TAJ and other relevant authorities to review and resolve the proposed adjustments. On March 29th, 2023, the Management of CPJ agreed to a final assessment of J$328M, of which J$88M was already agreed upon and paid over, in 2017, to the TAJ. The company had set aside reserves to mitigate against the sum payable upon final assessment which has now been settled with the TAJ.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
