Scotia Investments Jamaica Limited (SIJL) shareholders today approved by way of vote, a scheme of arrangement to cancel and extinguish all the scheme shares held by shareholders excluding those held by Scotia Group. This approval seeks to further integrate SIJL into the Scotia Group as, “greater operational synergies can be gained from the relationship with Scotia Group and other Bank of Nova Scotia entities,” according to Scotia Group Jamaica Limited (SGJ) Chairman, Jeffery Hall.
The Extraordinary General Meeting (EGM) was held simultaneously at both the Jamaica Pegasus and the Hyatt Regency in Trinidad to accommodate shareholders. The total proxies present at both meetings amounted to approximately 80. Upon completion of the vote by auditors KPMG, Mr. Jeffery Hall announced, “I would like to confirm that the resolution has been passed by the majority number of shareholders who voted in person or by proxy.” 64.7% of the persons present voted in favor of the scheme, this represents 90.96% of the shares held by those who tendered a vote.
Subsequent to announcing the results of the vote, the Chairman indicated, “the next step in the process will be to file the results in court, for a second hearing which is scheduled in September 2017. If the court sanctions the scheme at the hearing, it is expected the scheme will become effective on that day or the following business day, with the court orders filed with the registrar.” He further stated that, “payment will then be made to shareholders within ten business days after the court order is filed with the Registrar of Companies.”
Payment to stockholders in Trinidad & Tobago will be the U.S. dollar currency equivalent of J$38.00 per share, while stockholders with shares listed on the Jamaica Stock Exchange (JSE) will receive J$38.00, unless they elect to receive payment in US dollars. Mr. Hall indicated, “this may be done by completing a currency election form and returning it by email or fax.”
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