Mon | Mar 27, 2023

Gleaner Company becomes 1834 Investments Ltd

Published:Monday | April 4, 2016 | 12:00 AM
Terry Peyrefitte of 1834 Investments Limited inserts the company's new name strip onto the Jamaica Stock Exchange (JSE) listing board during yesterday's name change ceremony. Looking on from second left are Oliver Clarke, chairman; Christopher Barnes, director; and Marlene Street-Forrest, general manager of the JSE.

1834 Investments Limited (formerly The Gleaner Company Limited) yesterday announced it has commenced trading on the main market of the Jamaica Stock Exchange under its new name and represented on the ticker as '1834'.

The change of name legally became effective in March 2016, following the agreement to amalgamate the media businesses of The Gleaner Company Limited with that of Radio Jamaica Limited.

This transaction concluded on March 24, 2016.

1834 Investments Limited, having parted with its media businesses, retains an asset base of approximately $2 billion, comprising local and international securities and real-estate assets.

The company will now focus on maximising returns from this investment portfolio on behalf of more than 3,000 existing shareholders.

Oliver Clarke continues as chairman, while Terry Peyrefitte, who previously provided oversight for the investment portfolio, assumes responsibility for the day-to-day management of the company.

1834 Investments Limited continues with other board directors: Joseph M. Matalon (deputy chairman), Dr Carol Archer, Christopher Barnes, Lisa Johnston, Elizabeth Jones, Douglas Orane and Morin Seymour.

John Issa continues as honorary chairman.

The name 1834 Investments Limited has particular significance, recognising the year of the first publication of the Gleaner newspaper by the brothers Jacob and Joshua de Cordova.

North Street head office

The company's registered head office will remain at

7 North Street (fifth floor), Kingston.

In commenting on the occasion, Clarke said the business of 1834, though smaller and with no media assets, presented an attractive opportunity to maximise shareholder value.

Among 1834's assets are direct and joint-venture commercial real-estate holdings in downtown Kingston, Montego Bay, St James, and overseas in Toronto, Canada.

Its remaining investments include a diversified portfolio of local and international equities, bonds and corporate notes valued in excess of

J$1 billion.

He added that the recent divestment of The Gleaner's media businesses to RJR represented a positive step for preserving media independence in a challenging economy and was the best option for the company's shareholders.

Each Gleaner shareholder is entitled to one RJR share for each Gleaner share previously held.

Clarke said he was pleased that the strong Gleaner media brands will continue under the same names in the expanded RJR and that there will be valuable operational synergies realised.

Clarke became deputy chairman of the expanded Radio Jamaica Limited on Thursday, March 31.

Christopher Barnes became chief operating officer and a member of the board of RJR.

Gleaner shareholders are advised that, consequent upon the name change to 1834 Investments Limited and the allotment of RJR shares pursuant to the recently concluded transaction, one or more of the following are applicable:

a) Gleaner shares held at the Jamaica Central Securities Depository (JCSD) would be registered automatically in the new company name and the RJR share entitlement added to the account. No further action is necessary.

b) Share certificates held in hard copy in The Gleaner's name remain valid forever. Entitled RJR shares would have been issued to these shareholders in hard copy as well. Shareholders are, however, encouraged to deposit them with the JCSD (through a broker) so that they are stored in the JCSD's electronic database. This procedure facilitates easier trading.

c) Printed share certificates reflecting the new 1834 name may, however, be obtained upon cancellation of the existing certificates.

1834 shareholders who wish to confirm their new RJR shareholdings should contact either the JCSD or the RJR company secretary.

1834 advises that the next expected meeting of its shareholders will be the annual general meeting, at which the company's 15-month financial statements will be presented following the recent change of financial year end from December 31 to March 31.