On Monday November 20, 2006, the Board of COURTS (Jamaica) Limited (Courts), received an offer from Cobalt Holding Co. Limited (Cobalt) to purchase 100% of all the issued ordinary stock units of J$0.50 in Courts at a price of J$4.25 per stock unit (‘the Offer’).
The Board is advised that Cobalt was incorporated in St. Lucia for the special purpose of acquiring the Caribbean operations of Courts plc (in Administration) and that it is a wholly owned subsidiary of Regal Forest Holding Co. Limited, a British Virgin Islands corporation that carries on the business of the retail of furniture and equipment internationally.
The Board is carefully considering the contents of the Take-over Bid Circular issued by Cobalt and the advice given to it by a special sub-committee of the Board appointed to consider the Offer and will make a recommendation in the Directors’ Circular to its stockholders whether the offer should be accepted or rejected.
The offer will open for acceptance at 2:30 p.m. on Tuesday, November 21, 2006 and close at 4:00 p.m. on Monday, December 18, 2006.
The Take-over Bid Circular containing all the requisite details of the Offer and a Form of Acceptance and Transfer as well as Courts’ Directors’ Circular will be mailed to stockholders and will be published in the Daily Gleaner newspaper on or about Thursday, November 23, 2006.
