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Mayberry Investments Joins John Jackson, In Calling For A Rejection Of Ansa Coating International’s Offer – Updated

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The number of shareholders coming out and publicly rejecting Ansa Coating International Limited’s offer to purchase the ordinary shares in Berger Paints Jamaica Limited, now held by minority shareholders is growing.

Mayberry Investments Limited, noted financial analyst John Jackson, Sagicor Investments, a subsidiary of Sagicor Group which controls more than 10 percent of Berger Paints shares and the Ideal Group of companies, the largest minority shareholder in Berger Paints at 12%+ of the Company, have all voiced their rejection of the $10.88 offer, arguing that the shares are worth much more, suggesting a price range of $11.23 to as high as $20.

Mayberry Investments Joins John Jackson, In Calling For A Rejection Of Ansa Coating International’s Offer 

Mayberry Investments Limited has joined noted financial analyst John Jackson, in calling for a rejection of Ansa Coating International Limited’s (ACI) offer to purchase the ordinary shares in Berger Paints Jamaica Limited (BRG), now held by minority shareholders.
As the majority shareholder, ACI has made a mandatory offer pursuant to section 19 of the Rules Governing Take-Overs and Mergers in the Jamaica Stock Exchange’s (JSE) Rule Book, to purchase the remaining BGR shares on the market.

The company has offered to purchase all remaining BRG shares at a value of J$10.88 or US$0.08485 per share, payable in cash. The offer opened on September 7, 2017 at 9:00 am and is scheduled to close on September 28, 2017 at 4:00 pm.

A group of independent directors of BRG, Pokar Chandiram, Michael Fennell, Warren McDonald and Milton Samuda, citing a myriad of legal and monetary considerations, has advised shareholders to accept the offer made by ACI.

Jackson is questioning why any rational person would recommend that shareholders sell their Berger Jamaica Paints shares for JA$10.88, when the shares are worth more.

Both Jackson and Mayberry are of the firm view that the shares are worth much more, suggesting a price range of $11.23 to as high as $20.

It is against this backdrop that Mayberry has concluded that the price being offered by ACI is well below the current and medium-term projected value of the BRG stock. With this in mind, it is the position of Mayberry that shareholders should reject ACI’s current offer.

It simply makes no logical sense as the offer to buy is not a fair price for the minority shares Jackson remarked in IC Insider.com, indicating that unfortunately, a number of small shareholders are likely to get their wealth sucked out by an awful and unfortunate recommendation by the directors of Berger Paints for them to accept an offer that is clearly not in the interest of minority shareholders. BM

Mayberry Rejects Berger Offer

On July 24, 2017, Ansa Coating International Limited (ACI) purchased 100 per cent of shareholdings in Lewis Berger (Overseas Holdings) Limited (“LBOH Acquisition”). As a result of this acquisition, Ansa indirectly holds 109,332,222 ordinary shares in Berger Paints Jamaica Limited (BRG), which represents 51.01 per cent of the shares in issue.

As the majority shareholder, ACI has made a mandatory offer pursuant to section 19 of the Rules Governing Take-Overs and Mergers in the Jamaica Stock Exchange’s (JSE) Rule Book, to purchase the remaining BGR shares on the market. The company has offered to purchase all remaining BRG shares at a value of J$10.88 or US$0.08485 per share, payable in cash. The offer opened on September 7, 2017 at 9:00 am and is scheduled to close on September 28, 2017 at 4:00 pm.

A group of independent directors of BRG, Pokar Chandira, Michael Fennell, Warren McDonald and Milton Samuda, citing a myriad of legal and monetary considerations, has advised shareholders to accept the offer made by ACI. Chief among their reasons is the likelihood that most shareholders will accept the offer and grant ACI a majority shareholding of over 80 per cent in BRG. This would lead to the JSE de-listing the company from the exchange and ACI has made clear its intention to take the company private.

A company operating outside the ambit of the JSE is not only subject to less stringent information and reporting requirements, but also the minority shareholder must consider the fact that stocks of a delisted company are considerably more illiquid, as there is no recognised trading system to facilitate the buying and selling of the stock and even in cases where such trades are executed, they attract additional taxes.

The independent directors also warned of a possible “squeeze out” at the original offer price if ACI acquires 90 per cent or more of all outstanding shares of BRG, meaning ACI, with that number of shareholdings, could compulsory acquire all outstanding minority shares. The independent directors asserted that there is “very little chance of successfully opposing a compulsory ‘squeeze out’”, based on the advice of their attorneys, Myers, Fletcher & Gordon.

Clearly the independent directors have decided that it is in the best interest of shareholders to accept the offer. Even if ACI does not meet the 90 per cent threshold for a “squeeze out”, a shareholder controlling more than 75 per cent of the votes admissible at a general meeting will be able to pass any ordinary or special resolution without the consent of the minority shareholders. Furthermore, an uncertain dividend policy is also a consideration.

Mayberry Investments Limited (Mayberry) disagrees with the position of the independent directors of BRG, and based on its own valuation of the company, maintains that shareholders should reject the offer made by ACI.

BRG’s performance year to date has shown an increase in revenues and an improvement in profit from operations. The operating profit and net profit margins for the three months ended June 2017 was 6.87 per cent and 5.15 per cent respectively. This performance indicates that the company is benefitting from previous investments that improved processes, lowered energy costs, increased efficiency through plant & machinery upgrades as well as flat raw material costs.

As the local macroeconomic indicators continue to trend upwards, BRG is expected to see an increase in business activity. Revenue from sales is projected to increase, driven by an expansion in the construction industry, which was used as a proxy to project paint sales. Data from The Planning Institute of Jamaica (PIOJ) for the review period April – June 2017 estimated that construction grew by 1.5 per cent. This was due to an increase in building construction, led by the building out of office space to facilitate expansion of Business Processing Outsourcing (BPO).

As the construction industry continues to experience robust growth, BRG stands to improve its sales revenues; BRG continues to be the most dominant player in the decorative paints market and is continuing to increase its market share. The growth in the company’s market share should have a positive impact on revenues and margin.

For the 2017 financial year (FY), revenue is projected to increase by 5 per cent, given the expected expansion in the construction industry and the current marketing campaign to increase market share. Operating profit margin is expected to average 15 per cent for the projected period; this compares to the 2017 year end margin of 15.48 per cent. It is consistent with the investment in equipment to increase efficiency, which should continue to pay off into 2017.

For the FY 2018 year end, BRG’s earnings per share (EPS) is projected at $1.49 (2017: $1.47), while the 12 months projected EPS is $1.50. The stock is currently trading in the area of $11.23 per share as at September 21, 2017 and is projected at $15 for the next twelve months using a P/E of 10 times. Further, BRG has not closed below the price offered of $10.88 since January 30, 2017, which is also below the average price of $14.06 reported since the beginning of 2017.

This puts the buyback price of $10.88 at 37.86 per cent below its medium-term valuation. If accepted, shareholders will forgo an approximated $0.35 per share compared to the current price of $11.23, and an estimated $4.12 per share relative to the projected price of $15. It should also be noted that on the date that the offer opened (September 7, 2017), the stock closed at a price of $12.06, coming from a price of $15.81 as at August 31, 2017.

It is against this backdrop that Mayberry has concluded that the price being offered by ACI is well below the current and medium-term projected value of the BRG stock. With this in mind, it is the position of Mayberry that shareholders should reject ACI’s current offer.

 

It Simply Makes No Logical Sense As The Offer To Buy Is Not A Fair Price For The Minority Shares – Jackson

Noted financial analyst John Jackson, is questioning why any rational person would recommend that shareholders sell their Berger Jamaica Paints (BPJL) for JA$10.88, when the shares are worth more than $20 each,

According to Berger Jamaica directors, a PwC Advisory has stated in the Fairness Opinion, that the consideration under the offer is fair to the shareholders of BPJL from a financial point of view. PwC Advisory review procedures focused on evaluating the fairness of the offer on a stand-alone basis and not relative to the price attributed to other companies included in the Acquisition.

It simply makes no logical sense as the offer to buy is not a fair price for the minority shares Jackson remarked in IC Insider.com, indicating that unfortunately, a number of small shareholders are likely to get their wealth sucked out by an awful and unfortunate recommendation by the directors of Berger Paints for them to accept an offer that is clearly not in the interest of minority shareholders.

There are investors who will not accept it, hence the chance of the offer doing well is slim, especially as the stock has been trading above the offer price Jackson remarked.

The above assessment mirrors IC Insider.com earlier comments that 6 shareholders hold more than 31 percent of the shares and they are unlikely to sell at the offer price.

That would make the possibility of the offer getting shares up to even 70 percent very slim. In addition there are others who won’t sell either Jackson concluded.

Source icinsider.com

 

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Jamaica Stock Exchange Group Recorded Strong Performance For The Third Quarter

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November 16, 2024

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Third Quarter Performance

• Net Profit after Tax of $194.9m was 255% greater than the prior year comparable quarter.
• Earnings per share of $0.28 cents reflected an increase of 250% compared to the corresponding quarter in 2023.
• The Return on Equity was 7.1% as against 2.3% in 2023 representing an improvement of 208.7%.

Income
Total Income for the JSEG of $746.4m, represents a $232m (45.1%) increase over the corresponding quarter of 2023. The increase in Income is attributed to Cess which increased by $138.6m (249.7%) when compared to prior year. Fee Income and eCampus increased over prior year by $94.7m (22%) and $3.4m (51.5%) respectively.

Expenses
Total Expenses of $495.9m increased by $76m (18.1%) when compared to the corresponding quarter in 2023. The main expenditure contributing to the increase are as follows:
• Staff Cost was above 2023 comparatives by $14.6m (7.2%). This was due to an 8% cost of living increase and new staff hires to facilitate anticipated growth and enhanced customer service delivery.
• Advertising and Promotion was above 2023 comparatives by $8.3m (50.3%). This is mainly due to additional activities aimed at stimulating growth within the markets.
• Net impairment loss on financial asset was above prior year by $10.7m (110.4%) due to the requirements of the expected credit loss model.

Net Profit
Net Profit after Tax of $194.9m represents an increase of $140m (255%) when compared to the profit of $54.9m for the corresponding period in 2023.

Financial Position
Total JSEG Assets as at September 30, 2024, of $3,365.3m, reflects an increase of $411.8m (13.9%), when compared to holdings as at September 30, 2023, due primarily to increase in Trade and Other Receivables and Government Securities Purchased Under Resale Agreement.

Total Equity of $2,739.8m as at September 30, 2024, reflects an increase of $331.3m (13.8%) and $120.8m (4.6%) over the comparable positions at the end of September 30, 2023, and December 31, 2023, respectively.

Revenue Reserves reflect an increase of $125.3m (7.4%) over the position as at December 31,2023, which is net of $239.1m paid to shareholders as dividend and the nine months’ profit.

Market Developments & Outlook
The Third Quarter performance has been particularly good. We anticipate that as interest rates trend down and other market turbulences subside, investors and companies will be more active in the market, which will result in improved performance. We have made significant stride in our diversification strategies, and this has and will continue to support us as we cope with geo-political unrest and other uncertainties in the economy that have impacted the market.

The JSEG will continue our effort at ensuring that our governance framework is strong and our risk mitigating measures which assists in driving sustainability are robust. We remain resolute in our commitment to maximize shareholders’ wealth, through the improvement in income and the management of our expenditure while providing strong support to stakeholders and the country at large.

Marlene J Street Forrest Managing Director Jamaica Stock Exchange Group
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Barita Reporting Treasury, Trading And Brokerage And Investment Banking Business Lines As Largest Contributors FY24 Performance

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November 16, 2024

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Net profit after tax (“NPAT”) for Q4 FY24 increased by 200% to $999 million, bringing NPAT for FY 2024 to $3.9 billion, 14% ahead of 2023. The improvements achieved in Q4 FY24 reflected the effects of management’s strategy to influence improvements in operating revenue through a focus on active balance sheet management, revenue diversification and expense management, in particular the management of funding costs.

Revenue growth in Q4 FY24 was both robust and well-distributed, led by an exceptional performance in our Treasury, Trading and Brokerage business line, which accounted for 56% of total revenue. This improvement was supported by the continuation of the uptrend in net interest income which rose 3% to $164 million relative to the comparable quarter in financial year 2023.

Directionally, this performance aligned with expectations, buttressed by a pivotal shift in the monetary policy stance of the Bank of Jamaica and the US Federal Reserve, both of which reduced their benchmark policy rates by 25 and 50 basis points respectively, during the fourth quarter. While an additional 25 basis point cut was announced at the end of September, to come into effect at the beginning of October, the BOJ had communicated a shift in its policy posture during Q3 FY24, to which the market began to react via the downward repricing of liabilities, by extension, benefitting our Net interest income. The balance of risks points towards continued improvement in our net interest income as our interest-bearing liabilities reprice with a more frequent cadence.

The macroeconomic landscape has also evolved favourably. Domestic inflation has moderated, now averaging within the BoJ’s target range for the last 6 months, and a similar moderation has taken hold in the U.S.A., even as the Federal Reserve continues to signal a cautious, data-driven approach to future rate cuts. While these developments suggest a more stable financial environment prospectively, potential global risks remain. Slowing growth in key global markets, coupled with geopolitical uncertainties and the impending change in administration following the recent election in the US could introduce volatility; however, Barita’s diversified revenue streams and resilient business model position us well to navigate these headwinds.

Operating Performance
Barita generated net operating revenues of $10.0 billion for FY24, representing an increase of 10% or $901 million relative to FY23. The increase was broadly distributed across our various business lines, with income from the treasury, trading and brokerage and investment banking business lines being the largest contributor.

Net profit was $3.9 billion for FY24, rising 14% relative to FY23. The resulting earnings per share (“EPS”) was $3.24, up 14%.

Quarterly Performance
For the quarter ended September 30, 2024, Barita registered revenue of $3.0 billion, $1.2 billion or 72% higher than Q4 FY23, driven by a material uplift in the Treasury, Trading and Brokerage business line during the quarter. In the quarter, Barita produced NPAT of $999 million, $667 million (200%) higher than the prior year. This resulted from the aforementioned higher operating revenue, partially offset by a 26% or $346 million increase in operating expenses. Profit before taxation amounted to $1.3 billion, which was an improvement of $888 million or 207% relative to the prior year.

Shareholders’ equity closed the period at $35.5 billion, an increase of $71 million, marginally higher than the $35.4 billion outturn at the end of FY23. This was driven by an improvement of $734 million in the fair value reserve, offsetting the decline in retained earnings due to dividends declared and paid during the year. Our capital levels remain resilient, with capital adequacy of 25.45% compared to the FSC’s early warning level of 14%.

Investment Strategy & Capital Management: Our Outlook
The outlook for monetary policy continues to evolve over the course of the fourth quarter of FY24, transitioning from the tightening cycle that has dominated the past two years. Both the Bank of Jamaica (BoJ) and the Federal Reserve, along with other major Central Banks, have reduced their policy rates amidst a sustained moderation in inflation. This shift is expected to lay the groundwork for a more favourable investment environment in the coming quarters.

In the United States, recent economic indicators suggest that the cooling effect of tight monetary conditions has begun to take hold. Core PCE inflation has moderated to 2.7% from a pandemic peak of 5.7% in February 2022. Unemployment remained low at 4.1% in September but has attracted more focus from policymakers at the Federal Reserve given the upward trend since the beginning of 2024. The U.S. economy delivered solid GDP growth of 3.0% in the second quarter of 2024, exceeding expectations, but leading indicators continue to suggest potential weakness ahead. Against this backdrop, the Fed opted for a 50-basis point rate cut in September 2024, bringing the federal funds target range to 4.75%-5.00%. Markets have since priced in the expectation of further rate cuts as inflation trends towards the Fed’s 2% target.

Locally, Jamaica has seen similar progress. Annual headline inflation in Jamaica stood at 5.7% as of September 2024, back within the BoJ’s target range following the uptick in August to 6.5% due to the impact of Hurricane Beryl. Moreover, the BoJ’s recent cumulative reduction of its policy rate by 50 basis points to 6.50% during the quarter, reflects growing confidence that average inflation will remain within the target range in the near term, supported by stable domestic demand, a relatively stable exchange rate, and the continued moderation of global commodity prices. Jamaica’s economy remains resilient, albeit with moderating growth in key goods-producing and service sectors.

Looking ahead, we anticipate a further shift toward more expansionary monetary conditions, both locally and globally, which will likely enhance our ability to optimize our balance sheet and improve the net interest margin. As funding costs stabilize and earning assets continue to reprice upward, we expect to see a positive impact on our financial performance. Additionally, more favourable market conditions should provide increased opportunities for trading gains, and we foresee a gradual acceleration in deal-making activity, further boosting revenue growth.

However, we remain cognizant of the risks that persist in the global macroeconomic environment. Slowing growth in key global markets, coupled with geopolitical uncertainties and the impending election in the world’s largest economy, may introduce volatility that could impact our investment activities. Despite these headwinds, we continue to prioritize the diversification of our revenue streams, particularly through our alternative investment platform, which includes our real estate ventures that are poised to deliver significant returns in the medium to long term.

In this context, prudent capital management remains central to our strategy. We will continue to ensure strict compliance with regulatory requirements while maintaining the flexibility to capitalize on emerging opportunities. Through these efforts, we are confident in our ability to navigate the evolving economic landscape and deliver sustained value to our shareholders.

Mark Myers, Chairman Barita Investments Limited (“Barita” or “the Group”)

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iCreate Transitioning From A Digital And Creative Training Company To A Diversified Investment Holding Company Kintyre Holdings.

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November 16, 2024

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This quarter, Visual Vibe’s strong performance has been instrumental, reinforcing its pivotal role within Kintyre Holdings’ portfolio. Additionally, we are now unlocking value from our strategic investments in key properties, which are contributing positively to our income and strengthening our position as a dynamic investment holding company committed to delivering sustained value to our shareholders.

Change of Name & Purpose of the Business
At our Annual General Meeting (AGM) held in October 2024, the company officially rebranded from iCreate Limited to Kintyre Holdings (JA) Limited. This name change reflects our shift in purpose to an investment holding company, better aligning with our broader business strategy.

We are transitioning from a digital and creative training company to a diversified investment holding company.

This rebranding reflects our expanded focus across various sectors and strategic ventures, marking a significant shift in our corporate trajectory. Additionally, our purpose has been updated to reflect this new direction, positioning Kintyre Holdings as an investment holding company designed to foster sustainable growth across industries.

Financial Overview
Kintyre Holdings achieved strong growth in Q3 2024, driven by strategic investments and Visual Vibe’s expanding success in addition to gains from our investment assets.

Operational efficiency has improved, contributing to robust financial performance.

The Group is positioned for steady growth and profitability. Quarterly revenue reached $56.6 million, a 59.3% increase over Q3 2023, with year-to-date revenue at $128.4 million, up 57.5% year-over-year.

• REVENUE: Q3 2024 revenue reached JMD 55.1 million, up 59.3% from Q3 2023. Year-to-date revenue stands at JMD 123.4 million, showing a 57.5% increase over the same period in 2023, driven by strong performance in digital advertising.

• OPERATING PROFIT: Q3 2024 operating profit rose by 718.9%, from a loss of JMD 4.2M to a profit of JMD 26.2M. Year-to-date improved by 126.3%, from a
loss of JMD 126.4M to a profit of J$33.3M, driven by operational improvements and non-occurrence of one-off acquisition costs in 2023.

• Visual Vibe Operating Profit YTD 2024 vs YTD 2023: Year to date, Visual Vibe has posted a 46.8% increase in Operating Profits, bolstered by expanding its
network and introducing new advertising products like the backpack billboards and indoor digital screens.

• NET PROFIT: The Net profit for the parent company (Kintyre Holdings) Q3 2024 was JMD 21.4 million, an improvement from the loss of JMD 13.9 million recorded in Q3 2023.

• Year-to-date Net Profit stands at JMD 20.4 million, representing a significant improvement from the net loss of JMD 150.1 million in 2023. The positive shift in
net profit is attributed to the increased revenue from the DOOH advertising segment, greater control over operating expenses. YTD 2023 also had one-off acquisition related costs that weighed heavily on Net Profits.

• BALANCE SHEET: Total assets stood at JMD 564.7 million, down 19% year-over year, due to a reduction in goodwill and investments in assets. Total liabilities decreased by 40% to JMD 225.6 million, strengthening the company’s financial position.

Strategic Partnerships & New Business Initiatives
• New strategic partnerships for indoor advertising have been secured across the island, positioning Visual Vibe as a major player in the digital out-of-home advertising space.

• In addition, Kintyre Holdings has successfully partnered with SportsMax as their official out-of-home advertising partner for the 2024 Olympics. We showcased live streams of key races on our Hope Road, Spanish Town, and North Parade screens, reaching a wide audience and positioning our brand prominently during this high-profile event.
Physical and Technology Upgrades

• Visual Vibe upgraded its Manor Park screen to the latest technology, enhancing content quality and engagement.

• Yello Partnership: iCreate partnered with Yello to support SMEs by developing an affordable option for outdoor advertising, making high impact marketing accessible to smaller businesses across the region.

Impact of Hurricane Beryl
• Hurricane Beryl caused electrical outages and screen damage in remote areas, but we collaborated with JPS to use our screens for critical updates on rehabilitation efforts. This partnership minimized the storm’s impact and highlighted Visual Vibe’s role in community support during crises.

OUTLOOK
As we approach Q4 2024, Kintyre Holdings is focused on maintaining the growth momentum achieved in Q3. We are expanding our offerings, particularly through iCreate Institute’s new educational products, which will enhance our training services in the growing digital economy.

This expansion aligns with the increasing demand for innovative and agile upskilling
solutions.

Looking ahead, Kintyre Holdings is committed to operational efficiency, optimizing our assets, and driving cost-effective growth. We will continue to focus on executing our long-term strategy, ensuring profitability, and exploring new opportunities in key sectors to further strengthen our market position.

2024
Sustained Revenue Growth and Profitability:
• Target a 20% revenue increase in the second half of 2024 through expanded digital advertising and increased enrollments at iCreate Institute.
• Reach a net profit margin of 20% by optimizing operations and focusing on high margin business lines.

Expansion of Digital Advertising Network:
• Add 10 new indoor locations to our Digital Out-Of-Home (DOOH) network, leveraging partnerships that have been secured

Digital Transformation of iCreate Institute:
• Launch new courses and upgrade the learning management system to boost enrollment and enhance the student experience.

Strengthening Customer and Partner Relationships:
• Deepen existing partnerships, secure three new strategic partnerships, and achieve a 90% customer satisfaction rate by year-end.

Operational Efficiency and Cost Management:
• Reduce administrative expenses as a percentage of revenue from 60% to 50% by streamlining processes and adopting new technologies.

Corporate Social Responsibility and Community Engagement:
• Focus on creative talent development, digital literacy, sustainable business practices and promoting charitable causes.

Risk Management and Strategic Flexibility:
• Continue monitoring market trends, adjusting strategies as needed, and maintaining robust risk management to ensure stability and growth.

Tyrone Wilson Executive Chairman Kintyre Holdings (JA) Limited

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First Rock Real Estate Investments Registers Net Loss For Three Months Ended September 2024, Driven Primarily By Unrealised Foreign Exchange Losses

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November 16, 2024

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First Rock Real Estate Investments Limited registered a net loss attributable to Ordinary Shareholders for the three months ended September 30, 2024, totalling US$674,536, which yielded an Earnings Per Share (EPS) of negative US$0.002. Net loss attributable to Ordinary Shareholders for the nine months ended September 30, 2024, totalled US$1,453,640, which yielded an Earnings Per Share (EPS) of negative US$0.005.

The results were driven primarily by unrealised foreign exchange losses on translation of foreign currency denominated liabilities, which amounted to US$72,034 for the three months ended September 30, 2024 and US$275,170 for the nine months ended September 30, 2024. Additionally, interest expense amounted to US$118,839 for the three months ended September 30, 2024 and US$524,340 for the nine months ended September 30, 2024.

The Group’s financial performance continues to reflect the impact of the ongoing high-interest rate environment in Jamaica, which exerts downward pressure on property values, resulting in lower Property Income relative to prior year. Property Income totalled US$49,056 for the three months ended September 30, 2024 and US$1,916,074 for the nine months ended September 30, 2024.

To mitigate the impact on the bottom line from reduced revenues, the Group managed to reduce its overall Administrative & General expenses by 20% to US$2,274,250 for the nine months ended September 30, 2024, compared to the same period in the prior year. This cost management effort is part of our ongoing strategy to mitigate the impact of reduced revenues on the bottom line.

Outlook
The Group’s ongoing commitment to strategic growth remains steadfast as we navigate the headwinds that obtain in today’s real estate environment. By continuing to execute on our portfolio rebalancing strategy, which focuses on acquiring high-yield, income-generating properties across Latin America and the wider Caribbean region, we have built a resilient foundation that supports sustainable growth.

During the quarter our subsidiary, FirstRock Capital Cayman, entered into an agreement to acquire a fully tenanted investment property in Grand Cayman. As the largest acquisition in our portfolio, this property is poised to notably enhance our rental income stream, reinforcing our expansion across the region. Alongside this achievement, our two KFC locations in Costa Rica continue to deliver stable rental income under longterm lease agreements, with plans underway for additional site developments.

Looking ahead, we remain optimistic about finalizing additional acquisitions across the region, with several promising opportunities in advanced stages of negotiation. The Group remains committed to unlocking value through strategic investments, which we believe will yield substantial long-term benefits to our stakeholders.
Norman Reid J.P. Chairman First Rock Real Estate Investments Limited

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tTech Limited Announces Increased Share Acquisition by Simply Secure

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November 16, 2024

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Edward Alexander Executive Chairman of tTech Limited announced that Simply Secure Limited increased its shareholding in tTech to 69.1%, representing 73,229,223 shares. The increased shareholding includes the purchase of 20,719,366 shares from Norman Chen and G. Christopher Reckord. The acquiring entity, Simply Secure Limited, is owned by Kevin Gordon and Rob Mayo-Smith. Messrs. Gordon and Mayo-Smith are also the owners of Simply Secure LLC, a Managed Security Services Provider based in Ft. Lauderdale, Florida.

The increased shareholding puts Simply Secure Limited over the 50% ownership threshold of the issued and outstanding ordinary shares of the company, requiring Simply Secure to extend an offer to all remaining tTech shareholders to purchase their shares subject to approval from the regulators. The tTech board will also provide an opinion on their view of the fairness of the offer price.

Norman Chen,

G. Christopher Reckord.

Following the sale of their shares, Messrs. Chen and Reckord will be resigning as Directors of tTech.

Chairman of the tTech Board, Edward Alexander, stated, “I would like to thank Norman and Chris for their service to tTech. Their contribution as executives and directors has enabled much of the success that tTech has enjoyed to date. We now look forward to the continued growth that is expected through the increased ownership in the company by Simply Secure.”

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