Sun | Jan 21, 2018

Hardware & Lumber delists

Published:Thursday | June 9, 2016 | 6:04 PM

Hardware & Lumber Limited, the operating company for Rapid True Value and Agro Grace retail chains, is delisting from the Jamaica Stock Exchange and going private.

Its application requested that the shares be delisted on or around May 31, a date that passed two weeks ago, but the notice was only posted on the stock exchange website today, June 9.

The hardware retailer’s trading symbol HL was absent from the stock reports today, suggesting that the delisting was approved. The symbol was still reflected on the trading sheets on Wednesday.

The move to take the company private follows a mandatory offer for shares by new owner Argyle Industries Inc, the take up of which pushed it over the 90 per cent ownership threshold that qualifies for delisting.

Argyle initially acquired 58 per cent of the company from GraceKennedy Limited on December 30, 2015.

At delisting Argyle held 97.7 per cent of HL shares.