UPDATE ON SCHEME OF ARRANGEMENT OF MAYBERRY INVESTMENTS LIMITED
KINGSTON, JAMAICA: December 11, 2023
Mayberry Investments Limited (“MIL”) wishes to announce that following the Court-ordered Meeting of the holders of its ordinary stock units (“MIL Stockholders”) held on July 26, 2023, at which the MIL Stockholders gave their resounding approval of the Scheme of Arrangement (“the Scheme”) between MIL and its stockholders, the Supreme Court of Judicature of Jamaica, at the 2 nd Hearing held on September 28, 2023, granted a final Order sanctioning the Scheme.
Pursuant to the Scheme, all ordinary stock units in MIL held by MIL Stockholders will be cancelled and MIL Stockholders will be issued the same number of stock units in Mayberry Group Ltd. (“MGL”), the new parent company of the Mayberry group of companies. Since MIL is the ultimate parent company of the Mayberry group of companies before the reorganization and MGL will become the ultimate parent company of the Mayberry group of companies after the reorganization, it follows that no value will leave the group or the stock units held by MIL Stockholders.
MGL has received approval from the Jamaica Stock Exchange to be listed on the Main Market on December 13, 2023. Upon the listing of MGL, MIL will be delisted from the Main Market. Upon listing of MGL, the Jamaica Central Securities Depository Limited (“JCSD”) will also cancel the MIL stock units and replace them with the new stock units in MGL and the JCSD accounts of MIL Stockholders will be appropriately debited and credited. MIL Stockholders holding share certificates, evidencing their shareholding in MIL, are requested to return them to MIL for cancellation
Mr. Christopher Berry, Executive Chairman of MIL in comment on the transaction said:
“I am pleased that the reorganisation of our group of companies is now being implemented. The reorganisation will not only ensure that the Mayberry group is compliant with the regulatory regime in Jamaica and international best practice in the regulatory sector. The reorganization will also place the group in a better position to expand and take advantage of value-creating opportunities. This will ultimately benefit us all as stockholders of Mayberry Group Ltd., the new parent company of the group.”
About Mayberry Group
MIL is a full-service securities dealing and investment advisory firm, which is committed to enhancing its customers’ investments through quality financial products suited to particular needs as well as financial and investment advice. Some of the products and services offered by MIL include brokerage services, managed equity accounts, personalized managed accounts, trading in international bonds (in which the Company invests as well as providing brokerage services to clients), equity and debt fund raising through IPOs, exempt distributions and private placements, fixed income investments and pension fund management services. The Company has played a major role in the development of the Junior Market of the Jamaica Stock Exchange having acted as lead broker in a majority of the companies listed on that market.
The Company currently has total funds under management of over J$240 billion and serves a client base in excess of 30,000 customers with a staff complement of approximately 110 employees. MIL operates from one office located at 1½ Oxford Road, Kingston 5, and employs a sales force of approximately 20 persons to distribute its products and services, relying extensively on the use of technology to reach its client base. For more information, please visit: www.mayberryinv.com
MIL assumes no obligation to update or correct the information contained in this Press Release. This Press Release contains forward-looking statements within the meaning of securities laws. These forward-looking statements reflect MIL’s current expectations and projections about future events based on MIL’s knowledge of present facts and circumstances and assumptions about future events, as well as MIL’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from MIL’s expectations, including the announced reorganisation not being completed. The content of this Press Release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. MIL is not responsible for the content of any thirdparty website or webpage referenced to or accessible through this Press Release or on which this Press Release is posted.
Update on Scheme of Arrrangement