Wed | Dec 13, 2017

Supreme Court approves Scotia scheme of arrangement

Published:Friday | September 29, 2017 | 3:10 PM

The Supreme Court of Jamaica has approved the scheme of arrangement of Scotia Investments Jamaica Limited pursuant to which stock units in the company, other than those held by Scotia Group Jamaica Limited, will be cancelled.

That will be done in consideration for cash payments of J$38.00 per stock unit payable to stockholders in Jamaica currency or, at their election, in United States currency.

It will be paid in United States currency only in the case of stockholders whose stock units are cross-listed on the Trinidad and Tobago Stock Exchange. 

The court order was filed with the Registrar of Companies today and accordingly the scheme has become effective, Scotiabank said in a release. 

Completion of the transaction was dependent upon the scheme of arrangement being approved by requisite majorities of the company’s stockholders and also sanctioned by the Supreme Court.

At a stockholders’ meeting on August 30, 2017, 86.05 per cent of stockholders in attendance, holding 99.95 per cent of the stock units voted in favour of the scheme.

Payments will be dispatched to minority stockholders by October 3, 2017.

- business@gleanerjm.com