BIL has advised that the Company held an Extraordinary General Meeting on Friday, July 26th, 2019 and the following Resolutions relating to a Rights Issue to ordinary stockholders of the Company, as stated in the “Notice of Extraordinary General Meeting”, were passed:
RESOLUTION NO 1
That the Company hereby approves the issue of ordinary shares (in this resolution “New Ordinary Shares”) as part of the authorised capital of up to 106,223,596 ordinary shares (or such greater amount as the Directors in their absolute discretion may approve) currently unissued for the purposes of raising capital for the benefit of the Company, the same to be offered to the holders of ordinary shares/stock units by way of a Rights Issue on such terms (including the number of New Ordinary Shares, the price per New Ordinary Share, the proportion of New Ordinary Shares to be offered in relation to existing ordinary shares/stock units held by the holders thereof and the record date for determining the eligibility of such ordinary stockholders to subscribe for New Ordinary Shares) in each case as the Directors and /or any duly appointed Committee of Directors shall determine and/or pursuant to the private placement of New Ordinary Shares, AND THAT the Directors be authorised to dispose of all such New Ordinary Shares not taken up by holders of ordinary shares/stock units to whom the offer is made, and/or by way of private placement, in all such cases on terms and conditions as the Directors may consider expedient in their absolute discretion. FURTHER that on issue, the New Ordinary Shares including the New Ordinary Shares (issued pursuant to any private placement) shall be converted and/or confirmed to be ordinary stock units, save that same shall rank in all respects pari passu with the existing ordinary stock units of the Company.
RESOLUTION NO. 2
That the Directors and the Secretary of the Company do execute all steps and documents and are hereby authorized to execute all steps and documents in order to implement and effectuate the Rights Issue and /or the private placement aforesaid, in each case as aforementioned and to dispose of all such New Ordinary Shares not taken up by Allottees and the New Ordinary Shares (privately placed) on terms and conditions as the Directors may consider expedient in their absolute discretion, in consultation with the Arranger for the Rights Issue and the private placement aforesaid, Sagicor Investments Jamaica Limited.
Further information relating to the terms and conditions of the Rights Issue will be provided at a later date.
