Thu | Aug 17, 2017

Gleaner shareholders approve resolutions

Published:Thursday | January 7, 2016 | 1:55 PM
The Gleaner's Marva Walker assists shareholders Thomas Qualis Jr (left) and Thomas Qualis Snr.

Shareholders have voted overwhelmingly to approve three resolutions that will change the way The Gleaner Company does business and chart a course for the proposed amalgamation with the RJR Group.

Gleaner Chairman Oliver Clarke made the announcement this evening at an extraordinary general meeting at the Wolmer's High School for Girls Auditorium.

It came one week after another extraordinary general meeting to approve a scheme of arrangement for the amalgamation of the companies.

READ: RJR, Gleaner shareholders say yes to merger

Clarke said today that auditors KPMG indicated that there was overwhelming support for the three resolutions and they were confident that the value of the shares of those voting will exceed the required 75 per cent.  

The resolutions:

1. Resolution one changes Article 3 which deals with  the nature of The Gleaner's business. It will be changed  from newspaper to investment in the event that the scheme of arrangement for amalgamation becomes effective.

2. Resolution two changes Article 7  to restrict the Company's business so that it cannot be in competition with RJR for a period of two years.

3. The third resolution changes the name of the Company to one that will not be in competition with The Gleaner Company (Media) Limited or Radio Jamaica Limited. Barnes says the suggested name to be adopted by the Board of Directors will be "1834 Investments Limited".