New date set for shareholders' meeting to approve RJR/Gleaner merger
RADIO JAMAICA Limited and The Gleaner Company Limited have delayed the holding of extraordinary general meetings on December 8 to vote on the proposed combination of the media business of The Gleaner with RJR due to the discovery that a mailing issue has led to a small number of notices being dispatched to shareholders under the prescribed time.
The two media companies have now had Supreme Court approval for December 30, 2015, as the date when shareholders will be asked to approve the scheme of arrangement to amalgamate. If the scheme is approved, the second meeting will be held on January 7, 2016, to approve changes to the companies' articles of incorporation.
In a joint statement from the companies, they advised that during verification checks, it was discovered that due to difficulties in the size of the packages being stamped by an automated postal system, some notices were delayed in being dispatched.
"We do not intend to deprive any of our more than 12,000 shareholders of their right to receive due notice and participate in this process of deciding the future of our companies," the joint statement from RJR Chairman J. A. Lester Spaulding and Gleaner Chairman Oliver F. Clarke said, adding that they wished to apologise for any inconvenience caused.
The statement said that The Gleaner and RJR remained confident that the proposal to combine the media businesses of The Gleaner with RJR was in the best interest of both companies, their shareholders, and stakeholders.