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JMMB lists its preference shares on the JSE

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JMMB will this morning list and begin trading of four tranches of preference share, to during a ceremony at the Jamaica Stock Exchange.

According to JMMB, the offer forms part of the Group’s capital management strategy, to build-out its regional subsidiaries and expand its business lines, in the territories in which it operates.

It says part proceeds of the offer will also be used to replace funds used to redeem the current JMMB preference shares that matured on January 7.

The listing follow last month’s success in raising of 6.9 billion dollars from its Jamaican and US dollar offers that mature in 2024.

The US dollar offers will yield a fixed rate of 5.75% and 6.00% annually, while the Jamaican dollar tranche offers initial rates of 7.25% and 7.50% per annum respectively for the non-client and client offers.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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