Radio Jamaica Limited (“RJR”) advises all shareholders that effective Thursday March 24, 2016 the issued shares in the company has been increased to Two Billion Four Hundred and Twenty Two Million Four Hundred and Eighty Seven Thousand Six Hundred and Fifty Four (2,422,487,654) ordinary shares.
This is in fulfillment of the terms of the Scheme of Arrangement to Amalgamate RJR with the Gleaner Company (Media) Limited. The Gleaner Company Limited (“Gleaner”) by transfer of shares dated 16 March 2016 transferred One Billion Two Hundred and Eleven Million Two Hundred and Forty Three Thousand Eight Hundred and Twenty Seven (1,211,243,827) ordinary shares of The Gleaner Company (Media) Limited (“GCML”) to RJR and GCML therefore became a wholly owned subsidiary of RJR as of 16 March 2016.
In exchange for the One Billion Two Hundred and Eleven Million Two Hundred and Forty Three Thousand Eight Hundred and Twenty Seven (1,211,243,827) ordinary shares of GCML, RJR has allotted and issued One Billion Two Hundred and Eleven Million Two Hundred and Forty Three Thousand Eight Hundred and Twenty Seven (1,211,243,827) ordinary shares of RJR credited as paid in full, to the Gleaner shareholders on the record date, on the basis of one ordinary share of RJR for every one ordinary share held by a shareholder of Gleaner on the record date. The record date for purposes of the issue of RJR ordinary shares to the Gleaner shareholders pursuant to the Scheme is 24 March 2016.
Owing to a transposition error some time ago Radio Jamaica’s shares in issue were Nine Thousand and Two more than stated in the Scheme of Arrangement. This has resulted in an excess of Twenty Seven Thousand and Six shares being created after the share split and bonus issue. Radio Jamaica will by resolution ask shareholders at the next general meeting to cancel the excess shares and maintain the agreement of the number of shares in issue by RJR being the same as those in issue by the Gleaner Company Limited as agreed under the scheme.
The Chairman and the Board of Directors of RJR wish to thank all RJR shareholders for their interest, engagement and support for the Scheme and welcome the new shareholders to the broader RJR Family.