Jamaica Broilers Group Limited (JBGL) has advised that the Company has entered into an Agreement prior to the 28th day of April, 2018 to lend to JBGL Stockholders Nominee Limited (“the Shareholder Trust”) a sum not exceeding J$4.35B. A portion of the loan was used to purchase a total of 165,452,446 shares. This block of shares was held by family branches of one of the Founders of the Company and the trustees and entities connected to them; none of whom are currently involved in the management of the Company. For the avoidance of doubt Chairman Robert Levy and President Christopher Levy still maintain their current shareholdings in the Company.
The directors of JBGL saw this as an opportunity to provide a substantial benefit to the shareholders of the Company. Accordingly, the Directors of the Company approved the loan to the Shareholder Trust to purchase the available Company shares.
The Shareholders Trust will hold the shares purchased, and all benefits derived will be for the benefit of all shareholders of the Company. The Shareholders Trust will service the aforesaid loan from dividends and/or distributions paid upon the shares and from the proceeds of the sale of the shares.
