Please be advised that at a meeting of the Board of Directors on November 25, 2021, the Directors approved the recommendation made by the Management Team to execute an open market share buyback programme of JMMBGL ordinary shares. This exercise is to commence in the FY 2022/23, which begins on April 1, 2022.
The programme is intended to be used as a continuing tool for JMMBGL to bolster shareholder value, over time, and will be funded by the Company’s cash flows. The Directors have approved the allocation of an initial amount of J$300 Million to fund the programme, over a one year period, and the specific terms of the programme will be communicated to the market, once regulatory approvals are received.
The Management Team will be engaging the regulators in the two jurisdictions in which the Company’s ordinary shares are publicly listed (Jamaica and Trinidad and Tobago). The share buyback programme will not be made available where it would be contrary to applicable laws or where necessary regulatory approvals have not been granted to the Company.
