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RJR and Gleaner to go ahead with merger pending court approval

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Shareholders of both the Jamaica Gleaner and RJR have once again voted to approve the resolutions that will facilitate the merger of the two companies.

Gleaner shareholders yesterday approved the resolutions that will change the name of the company and the way in which it will operate what is left of its business post-amalgamation.

The name of the company will now be changed to1834 Investments Limited and remain listed on the Jamaica Stock Exchange. The Gleaner will now transfer its media business to RJR. Existing Gleaner shareholders will become shareholders in RJR which, in turn, will own the combined media operations of the two companies.

Meanwhile, RJR shareholders also yesterday gave greater than 99 per cent support to each of the five resolution put before them.

The resolutions will change the number of directors that can be appointed to the RJR board from 12 to 14, the retirement age for directors from 75 years old to 78 years old, establish the position of deputy chairman, and detail the roles of that post.

Yesterday’s vote aimed to amend specific articles of incorporation to facilitate the merger following last week’s vote to approve the merger.

The companies will return to the Supreme Court before the end of January to report the results of the meetings of shareholders and seek the sanctioning of the transaction by the court.

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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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