Eppley clarifies that share buy-back ongoing, has no target

Eppley clarifies that share buy-back ongoing, has no target

Friday, February 28, 2020

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Eppley Caribbean Property Fund Chairman Nicholas Scott has clarified that the company's share buy-back plan is an ongoing endeavour and as such any suggestion of a failure to meet a target is inaccurate, as the plan has no target.

Scott was responding to a report in this week's Business Observer which stated that the real estate mutual fund failed in its bid to acquire the targeted 300,000 shares.

“Firstly, our share buy-back plan remains ongoing. The article cites a Jamaica Stock Exchange [JSE] notice regarding shares that we repurchased on February 4th and 5th. These are merely the first such shares that we have repurchased. As previously disclosed, we intend to repurchase shares from time to time in accordance with our share repurchase policy and JSE rules. We are required to make similar disclosures following each repurchase,” Scott said.

“Secondly, our share buy-back plan does not have a target. The 300,000 shares the article refers to as a target is in fact the maximum number of shares we are permitted to repurchase without making additional disclosures to the JSE,” he explained.

“The Eppley Caribbean Property Fund owns one of the largest and highest-quality commercial real estate portfolios in the Caribbean. As reported in Jamaica Observer on February 19 last year we reported increases in net rental income and earnings of over 80 per cent. In light of the quality of our portfolio and the recent financial performance of our fund, we will continue to evaluate the opportunity to repurchase shares below book value to unlock value for our shareholders,” Scott added.

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