The Gleaner Company is now awaiting the approval from the Companies Office for its name change to 1834 Investments Limited.

The announcement was made in a recent notice to shareholders.

If approved by the Companies Office, the Gleaner will continue to operate its non-media portfolio of real estate and investments.

The move comes as the Gleaner Company and Radio Jamaica Limited (RJR) enter the final stage of their amalgamation process.

In order to facilitate this Scheme, Gleaner has transferred its media business to RJR. Come Thursday, existing Gleaner shareholders will become shareholders in RJR which, in turn, will own the combined media operations of the two companies. According to the statement, each shareholder on record by tomorrow will be issued one RJR share for each Gleaner share held. Gleaner shareholders will then keep their existing shares which will remain publicly traded on the Jamaica Stock Exchange.

Addressing the steps towards the completion of the merger earlier this year, Chairman of the Gleaner Company, Oliver Clarke indicated that after the sale of the media business, Gleaner will be of reduced size but will continue to operate its non-media portfolio of real estate and investments. He said it will remain a stock exchange listed company with its current Board and with you as a shareholder.

Clarke says “This transaction is essentially a merger of Jamaica’s two oldest media companies. The media market has become highly competitive and the respective boards of Gleaner and Radio Jamaica Limited (“RJR”) have decided that this Scheme is the best opportunity to preserve the longevity of the respective media brands, achieve diversity in products and services and leverage the energy created by exciting new opportunities.”

He says the merger should allow for operational and strategic synergies which should provide greater efficiencies, reduce administrative costs and should ultimately lead to greater value for our shareholders and the Jamaican media public, at home and abroad.”

Should the paperwork for the name change be approved, Gleaner shares will be affected as follows:
a. If your shares are held at the Jamaica Central Securities Depository (JCSD) the name change will be registered automatically and applied to shares in your account; no action is necessary on your part.

b. If you have share certificates in hard copy your share certificates in the Gleaner’s name will remain valid forever, however you are encouraged to deposit them with the JCSD so that they are stored in the electronic database.

c. If you desire to retain a printed share certificate reflecting the new 1834 name, you may cancel your existing share certificates and obtain new share certificates in the new name of the company.

The head office of 1834 Investments Limited will remain located at 7 North Street, Kingston and the board of the proposed company will remain headed by Oliver Clarke. However, a new managing director is to be appointed as Christopher Barnes is expected to take up an executive position with RJR.

The proposed board for the expanded RJR will comprise seven directors from the existing The Gleaner Company Limited board including: Oliver F. Clarke; Joseph M. Matalon, Christopher N. Barnes; Elizabeth Jones; Lisa Johnston, Douglas R Orane; and Dr. Carol Archer