Mayberry Investments Limited (MIL) declares dividend and reorganization of Mayberry West Indies Limited

Posted: February 6, 2018 at 4:00 pm

Mayberry Investments Limited (MIL) has advised the Jamaica Stock Exchange of the following:

“Whereas Mayberry West Indies Limited (“MWIL”) is a wholly-owned subsidiary of Mayberry Investments Limited (“the Company”).

And whereas at the last Annual General Meeting of the Company, stockholders authorized the Board to reorganize MWIL, so as to enhance shareholder value and in that respect to carry out such transaction or series of transactions as the Board of the Company deems fit.

Pursuant to the foregoing, please be advised that arising from the Board meeting of the Company, held on Friday, December 29, 2017, a dividend in specie was declared of 10% of the Net Book of its MWIL. This dividend will be effected by the Company transferring, pro rata among its stockholders, shares in MWIL held by the Company and constituting 10% of MWIL’s issued share capital.

Based on MWIL’s book value as at November 30, 2017, the dividend in specie is equivalent to approximately J$688 million as at November 30, 2017.

The dividend in specie will be distributed to shareholders on record as at February 16, 2018 (“the Record Date”), and shall be effected by transfer of the relevant MWIL shares on February 28, 2018 to stockholders. The ex-dividend date will be February 15, 2018.

At the same meeting, a second resolution was passed authorizing the Company to take the requisite steps to change the name of Mayberry West Indies Limited to “Mayberry Jamaican Equities Limited”.

The Board of the Company also passed a resolution authorizing the Company to take all necessary steps to cause MWIL (re-named Mayberry Jamaican Equities Limited) to be listed on the Jamaica Stock Exchange, before the end of the first quarter of 2018.”

Leave a Comment