KINGSTON, Jamaica — Scotiabank Caribbean Holdings Limited (SCHL) has revised its takeover price to minority shareholders of Scotia Group Jamaica Limited (SGJ) from $61.50 to $75.00 per share, valuing the deal at $63.50 billion.

The move was announced on Tuesday in a SGJ release posted on the Jamaica Stock Exchange. This is the second price revision on the takeover offer by SCHL which added $1.50 to the preliminary $60.00 price before it went public with its takeover offer.

“The offer was increased due to Scotia Group Jamaica’s significant second- and third-quarter results. SCHL agreed that an increase to the purchase price in their proposal was warranted in order to provide shareholders with additional value and facilitate the successful completion of the Transaction,” stated the SGJ release.

Based on the new $75.00 offer price, some of Scotia Group Jamaica’s largest shareholders have entered into voting support arrangements in favour of the transaction. This equates to 21.12 per cent of the minority shareholding or 179 million ordinary shares.

Scotia Group Jamaica’s share price has traded at new all time highs of $71.06 with an average traded price of $64.08. That translates to a market capitalisation of $199.39 billion, taking the top spot from NCB Financial Group Limited (NCBFG) which is valued at $173.21 billion.

“The improved offer represents a significant increase in value for minority shareholders. At JM$75.00 per share, we are providing an attractive premium and a compelling opportunity for shareholders to realise immediate and certain value for their investment. Our decision to deepen our investment underscores our confidence in Scotia Group Jamaica and our

commitment to our employees and clients,” stated Jabar Singh, Scotiabank president, Dominican Republic and the Caribbean.

The takeover offer now heads to an extraordinary general meeting (EGM) at 11:00 am on October 7 by the AC Hotel Kingston. Minority shareholders who previously submitted proxy forms have until 11:00 am on October 5 to submit new proxy forms at The Bank of Nova Scotia Jamaica Limited branches across Jamaica or at the Scotia Group Jamaica head office.

Minority shareholders must vote in a favour by a simple majority and in a super majority of at least 75 per cent of the value or number of ordinary shares for the offer to move forward.

If this two stage test is passed at the EGM, the scheme of arrangement will return to the court on October 31 to be sanctioned by the Supreme Court of Jamaica. SCHL would then remit funds to pay minority shareholders for their ordinary shares. The offer is payable in Jamaican dollars (JMD) or United States dollars (USD) subject to submitting a currency election form.