First Rock changes registrar
BUSINESS NOTES...BUSINESS NOTESWednesday, April 21, 2021
First Rock Capital Holdings Limited has decided to change its registrar, transfer and capital distribution agent from the Jamaica Stock Exchange (JSE)-owned Jamaica Central Securities Depository to Sagicor Bank Jamaica Limited – Registrar Services: Group Legal Trust & Corporate Services. The company's audited financial statements have been delayed by another two weeks to April 30. This has been attributed to the unforeseen delay in some audit procedures due to the impact of COVID–19.
TransJamaica Highway gets new managing director
With Frenchman Thierry Parizot demitting office on Friday next, Ivan Anderson has taken up the role as managing director (MD) of TransJamaica Highway Limited from Monday. Anderson, who already serves as the MD of the National Road and Operating Construction Company, will take up this new role at a time when the Highway 2000 East-West is seeing a continued hit to its revenue from various government measures related to COVID-19. The firm paid out a quarterly preference share dividend with respect to the first quarter on April 13.
PJX refinances bond
Portland JSX (PJX) has refinanced its $520 million (US $3.56 million) debt early with a new $600 million bond. The debt, which was a five-year term loan facility from Victoria Mutual Investments Limited, was taken out in July 2019 with the full debt facility drawn down by April 2020. Unlike an ordinary bond, which just has terms speaking about repayment, this bond can be converted to equity at a price to be determined. If PJX decides to do a secondary public offering, merger or similar transaction within five years, the bond would be repayable prior to maturity.
Insider trades and appointments
Less than two days after the announcement by Jamaica Producers Group Limited's joint venture acquisition of Geest Line Limited, a director sold six million shares to a connected party which was valued at $144 million. This is one of the several insider trades to occur over the last couple weeks. The other companies included Supreme Ventures Limited, CAC 2000 Limited, Sagicor Group Jamaica Limited and Lumber Depot Limited.
Caribbean Cement Limited has appointed Barbadian Alysha Shepherd as its assistant company secretary to its board. Apart from being a member of the Barbados Bar Association, she is the group legal advisor to Arawak Cement Limited which is a subsidiary of its intermediary parent company Trinidad Cement Limited.
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