LONG-STANDING shareholder in Pegasus Hotels of Jamaica, John Issa, along with other large shareholders, will sell their shares to the new majority shareholder, giving Kevin Hendrickson’s Quivin Holdings an additional 30.7 per cent of the company.

The sale agreement, which was signed on September 28, 2011 and which is expected to occur on October 18, 2011, will likely lead to another buyout offer being made to the remaining shareholders.

Quivin Holding paid the Government almost $1 billion to acquire nearly 60 per cent of the Jamaica Pegasus’s stock units last November and further increase its shareholding in the company to 62.7 per cent after a share buyout offer was made in April.

The additional shares will increase Hendrickson’s stake to 93.4 per cent.

“PEG understands further that Quivin will then be obliged to publish a notice to all remaining shareholders of the company, advising of its obligation to acquire their shares and inviting them to tender their shares,” said a notification from the hotel company to the Jamaica Stock Exchange (JSE).

The agreed share price was not disclosed, but Pegasus’s share price on the JSE has stood at $15 a stock unit since September 12, 2011, which is higher than the $13.14 a share offered in the last share buyback and the $13.18 a share that Hendrickson’s company paid for Government’s stake early last year.