KINGSTON, Jamaica — Kintyre Holdings (JA) Limited shareholders behind a proposed international restructuring say their plans to pursue a New York Stock Exchange (NYSE) listing remain unaffected by ongoing legal proceedings involving VM Investments Limited.

In a statement issued April 2, the shareholder group said it is not a party to any court action with VM Investments, even as the dispute centres on shares pledged by entities linked to the group.

The restructuring, they said, relates only to the reorganisation of shareholdings within the controlling group and does not involve changes to Kintyre Holdings itself.

It remains unclear how obligations tied to those pledged shares would be treated under the proposed reorganisation.

“As previously disclosed, this restructuring relates solely to the shareholdings of this controlling shareholder group, and does not constitute a restructuring of Kintyre Holdings (JA) Limited itself,” the statement said.

The shareholders also sought to draw a clear line between their plans and VM Investments’ position, noting that any shares held by VM are subject to separate arrangements, including existing charges and ongoing court proceedings, and are not part of the restructuring or the proposed international holding company.

The move comes as Kintyre continues to face a $504.58 million debt tied to shares pledged at significantly higher valuations, with the stock now trading near $0.35 — well below the levels at which the collateral was set.

The sharp decline in the share price has widened the gap between the value of the pledged collateral and the outstanding loan, raising questions about how much of that debt can be recovered.

The clarification follows recent public statements linked to the dispute, which the shareholders said risk creating confusion about their role and intentions. They added that attorneys have been instructed to review the matter and consider legal options.

Despite the dispute, the group reaffirmed its commitment to building what it described as a regional and global investment holding company, with operations spanning the Caribbean and Latin America.

The shareholders pointed to what they said was strong recent performance, including assets exceeding US$15 million and record profitability in 2025, as evidence of the company’s growth trajectory.

They also signalled that they would move to challenge any attempts to disrupt or mischaracterise the restructuring effort.