The Jamaica Livestock Limited (“Jamaica Livestock”) wishes to announce that it has completed a Scheme of Arrangement pursuant to which it has taken over all the assets and liabilities of its two (2) wholly-owned subsidiaries, namely Jamaica Feeds Limited (“Feeds”) and JLA Hatchery Limited (“Hatchery”). Feeds was engaged in the business of manufacturing animal feeds which were sold to, and distributed by, Jamaica Livestock. Hatchery’s business involved the importation of hatching eggs and the production of chicks which were likewise sold to, and distributed by, Jamaica Livestock.
The transaction was completed by a Vesting Order granted by the Supreme Court of Jamaica under the Companies Act. The businesses previously carried on by Feeds and Hatchery will now be carried on as operating divisions of Jamaica Livestock and both Feeds and Hatchery will be dissolved on completion of the transfer of assets. As a result of the Scheme, all claims and legal proceedings (if any) which hitherto existed against Feeds and Hatchery will survive and exist against Jamaica Livestock.
“The amalgamation of Feeds and Hatchery into Jamaica Livestock will create both tax and administrative efficiencies” said Henry Rainford, Managing Director and CEO of the Livestock Group. “It will mean that profits generated by the feed mill and the hatchery operations, which previously bore tax at 33 1/3% when declared as dividend to Jamaica Livestock can now be paid to stockholders on a tax-free basis. In addition, there will be cost savings on the administrative side for, among other things, the Livestock Group will no longer need to run three (3) separate accounting books but instead all accounting functions will now be consolidated into Jamaica Livestock. All employees assigned to the feed mill and the hatchery will continue their existing jobs with Jamaica Livestock at their current salaries and on their existing terms and conditions. As far as employees are concerned, nothing will change in practical terms.”
Jamaica Livestock is one of the primary representative bodies for the livestock farmers of Jamaica. Since its establishment in 1941, it has maintained its position as the main provider of agricultural support and services to the independent farmers of Jamaica. Their product range includes animal feeds, animal health care products, day old chicks, agricultural chemicals, herbicides, pesticides, hardware items and farm and garden supplies. It provides support and consultation services in the form of technical field officers who are equipped with agricultural expertise, a pharmacist for consultation on animal health products and veterinarians who provide advice and support on animal health care issues.
Jamaica Livestock currently serves the farming community through 13 commercial stores strategically located across the Island.