Insider Trades October 2013

Updated 15th october 2013

Desnoes & Geddes advised that a director purchased 4,860 of the company’s shares on October 14, 2013.

Big Producers & Pan Jam sale | While insiders were buying shares at Mayberry Investments this past week, directors at two of the country’s largest listed companies were offloading big chunks of their holdings.

In the case of Jamaica Producers Group the company advised that a director and a related party sold a total of 14,598,054 of its shares and at Pan-Jamaican Investment Trust the company informed the Jamaica Stock Exchange that a director sold 450,000 shares, both sales taking place on October 10,

On the other hand, Mayberry Investments advised the exchange that a related party purchased 607,866 shares on October 7.

Insider Trades Aug to Sept 2013

Updated 2nd October, 2013

Scotia Group Jamaica advised that under the Employee Share Ownership Plan, a senior officer acquired 10,171 SGJ shares and two senior officers withdrew a total of 79,563 SGJ shares in September. The company also advised that a senior officer of Scotia Investments Jamaica Limited purchased 51,000 SGJ shares on September 26, 2013.

The Gleaner Company Limited advised that a senior manager sold 100,000 shares of the company on September 26, 2013.

Mayberry Investments Limited advised that a related party purchased 50,435 of the company’s shares during the period October 1 – 2, 2013.

Ansa McAL Limited informed the Trinidad Stock Exchange that on September 20, 2013 a major shareholder connected to a Senior Officers purchased 32,167 of the company’s shares.

Jamaica Money Market Brokers advised that a related party sold 1,359,300 JMMB shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 4,732 of the company’s shares on September 30, 2013.

Mayberry Investments advised that a related party purchased 67,230 MIL shares during the period September 20 – 24, 2013.

Scotia Group Jamaica advised that a senior manager purchased 4,500 SGJ shares on September 19, 2013.

Jamaica Money Market Brokers Limited (JMMB) has advised that a related party sold 1,000,000 JMMB shares on September 20, 2013. A related party also sold 507,100 of the company’s shares on September 17, 2013 and another sold 122,639 shares on September 18, 2013. It also looks as if 8 million units of the company’s stock that was sold on Monday could be from insiders.

Mayberry Investments Limited advised that a related party purchased 13,000 of its shares on September 20, 2013

Blue Power Group Limited advised that a senior manager sold 40,000 shares on September 12, 2013

Scotia Group Jamaica Limited advises that a senior manager purchased 88,000 of the company’s shares under the Employee Share Ownership Plan on September 13, 2013 and that a senior manager sold 13,025 of the group’s shares under the Employee Share Ownership Plan on September 3, 2013.

Dolphin Cove advised that a Director bought 11,642 of the company’s share on August 27, 2013 and during the period August 27, 2013 to September 10, 2013, a director sold total of 31,500 of the company’s shares.

Mayberry Investments Limited advises that a related party purchased 17,152 shares on September 12-13, 2013 and a related party purchased 346,095 shares on September 10, 2013

Jamaica Money Market Brokers Limited advised that a related party sold 160,000 JMMB shares on September 9, 2013

Mayberry Investments advised that a connected party has bought a total of 42,550 of the company’s shares during the period September 4-5, 2013.

Jamaica Money Market Brokers advised that a connected party sold 1,000,000 of the company’s shares on September 5, 2013

Sagicor Investments Jamaica advised that a senior manager purchased 74,082 S shares under the S Stock Option Scheme on September 2, 2013

Jamaica Money Market Brokers (JMMB) advised that a senior manager purchased 2,597 JMMB shares on August 27, 2013 and that a connected party sold 300,000 JMMB shares on August 28, 2013.

Mayberry Investments advised that a connected parties has traded 90,739 MIL shares on August 29, 2013; purchased 106,728 MIL shares on August 28, 2013 and a bought a total of 3,040 during the period August 30, 2013 to September 2, 2013. They also advised that a related party purchased 33,386 MIL shares on September 3, 2013.

Jamaican Teas advised that a director sold 2,000,000 of the company’s shares on September 2nd and 3rd.

Mayberry Investments advised that a connected party purchased 106,728 of the company’s shares on August 28, 2013

Sagicor Investments advised that a senior manager sold 82,904 of the company’s shares on August 28, 2013

Jamaica Money Market Brokers advised that a senior manager purchased 2,597 of the company’s shares on August 27, 2013 and a related party sold 220,000 shares on August 20, 2013.

Jamaica Producers Group | Two related parties purchased a total of 653,240 shares on August 19, 2013. Also, a Director purchased a total of 500,000 of the company’s shares on August 14 and 15, 2013. Previously two Directors purchased a total of 290,287 of the shares between May 17 and 24, 2013. An interesting pattern is developing that worth watching.

Related Posts | JMMB big bump in profits | Profits up at Jamaica Producers | Q2 profit up strongly at Sagicor | Exports push Jamaican Teas’ profit

Republic ups stake in Ghanaian Bank

Trinidad’s Republic Bank has increased its holding in HFC Bank Ghana Limited from 32 percent to 40 percent with the purchase of an additional 7.98 percent from one of the bank’s shareholders — Union Bank of Nigeria PLC.

The transaction involved 23,638,340 ordinary shares at a price of GHS 0.67 (USD 0.31) per share. This is the second such increase in Republic’s holdings in the Ghanaian Bank. The matter of Republic making a mandatory offer to all shareholder to acquire majority shares is still unresolved and this latest acquisition will probably make it more difficult to resist the demand by the Securities regulators for Republic Bank to proceed with the offer.

Republic Bank is an IC Insider Buy rated stock.

Related post | Republic onto something good in Africa | No change to Buy & Watch list

Caribbean Flavours a new IPO

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Update Monday, 30th September | Mayberry Investments advised that the company has reconciled all applications in respect of Caribbean Flavours & Fragrances Initial Public Officering (IPO). There was full allotment for all reserved applications which included board of directors, staff, Mayberry Investments and Key Partner. The first 10,000 shares applied for by the public were allocated in full and balance over 10,000 units were allocated with approximately 19.355 percent of what was applied for.

Update Thursday, 26th September | Lead broker Mayberry Investments Limited announced that the initial public offering (IPO) of shares in Caribbean Flavours & Fragrances Limited (CFF) is oversubscribed and was closed at 9:01 am on Wednesday. Applications were received in excess of the $50.6 million on offer. The public will be advised of the basis of allotment by Friday, 27th September 2013.

The junior market of the Jamaica Stock Exchange should be welcoming its 19th listing in the form of Caribbean Flavours & Fragrances Limited (CFFL) as the company goes to market to sell up to 22,480,008 ordinary shares at j$2.25 per share. After the issue, the total number of shares will be 89,920,033 making it one of the smaller listed companies.

The company is one of the largest businesses of its kind in the English speaking Caribbean. It is engaged in the manufacturing and distribution of flavourings and water soluble colourings for the food, beverage, baking, confectionery and pharmaceutical industries and is a key supplier of these products. It also manufactures and supplies fragrances used in household cleaning, body care, aroma therapy and air freshener products.

Incorporated on 23rd February 2001, its business and assets were purchased from prior owner Bush Boake Allen Jamaica Limited and is a supplier to predominantly commercial customers in Jamaica, Trinidad and Tobago, Grenada, Barbados, St. Kitts, Guyana, USA and Canada. Its customers are well known names in the food and beverage business.

CaribbeanFlavours&Fragrances+tubes115pxCFFL sources essential oils and natural extracts worldwide and receives key ingredients and technical support from International Flavors & Fragrances Incorporated (IFF), responsible for more than 70 percent of the company’s supplies. IFF is a US$5 billion company listed on the NYSE and is a member of the S&P 500 Index. Lascelles deMercado is a key local supplier, providing alcohol for use in fragrance distillates and other items. Some of the supplies used are commodities with variable prices linked to world markets. The company aims not to carry more than 6 months’ stock of supplies.

CFFL has one competitor in the local market, Virginia Dare (Jamaica) Limited. In the view of the Directors, their particular business focus is on the supply of custom blended products for large local businesses and this distinguishes it from their competitor that supplies retail and smaller business clients with generic products such as bulk syrups.

Income | Revenues amounted to $193.9 million in the 2012 financial year, an 8 percent increase over the $179.4 million recorded in the prior financial year. During 2012 financial year, the company generated increased gross profit of $79.4 million versus $60.9 million in 2011 fiscal year due to increased sales of its products and higher margins of 40.95 percent, compared with 33.95 percent in the 2011 financial year.

CaribFlovoursOperating Expenses totaled $72.94 million for the 2012 financial year, a year on year increase of 24.5 percent due mainly to increased promotional activity and compensation to directors. CFFL recorded improved Profit before Taxation in for the year, which grew to $6.46 million compared to the $2.36 million for the prior year.

Revenues for the 12 month period ended June 2013 was $229.89 million, increasing 19 percent over the $193.87 million recorded for the 2012. The growth in revenue was driven by increased sales of the products in the fragrance line of the business. Gross Profit totalled $92.73 million compared to $79.39 million. Total operating expenses amounted to $60.49 million for the year, 17 percent less than the $72.94 million recorded for the year prior. This decline was due to a reduction in directors’ fees. Other Income totalling $16.80 million is due mainly to sale of property. Finance Income was $2.53 million for the year. Profit before taxation totalled $51.57 million for the latest fiscal year and net profit amounted to $40.32 million.

Assets totalled $97.52 million as at June 2013, $22.90 million less than the $120.42 million at June 2012. The decline is due to the sale of property. During the period the company reduced the amount outstanding to directors resulting in liabilities totalling $31.45 million as at June, 2013 versus $94.7 million as at the end of 2012 financial year. Shareholders’ Equity stood at $66.06 million at the end of June 2013.

Earnings per share before taxation is 46 cents putting the PE around 5 times earnings to June this year, providing room for some appreciation in the short term. The negative is that the company and its management is not well known and the number of stock in issue is small creating and illiquid situation.

The Directors anticipate a payment of an annual dividend of not less than 25 percent of the annual net profits after payment of any applicable taxes where “such profits are available for distribution, subject to the Company’s need for reinvestment of some or all of its profits from time to time in order to finance the growth of the business of the Company.”

Jamaica Yellow Pages

Jamaica Yellow Pages announced today its selection by Google to the Google AdWords™ Premier SMB Partner program. With this agreement in place, Jamaica Yellow Pages becomes the authorized reseller of the Google AdWords advertising program. This strategic alliance is a testament to the Jamaica Yellow Pages commitment to driving value to its advertisers through marketing programs such as Google AdWords.

As a Premier SMB Partner, Jamaica Yellow Pages now provides full-service AdWords account management on behalf of local businesses, from account setup and activation, to ongoing campaign management and optimization. This agreement will encourage small and medium sized businesses to use online advertising as a cost-effective way to find and target new customers as well as drive repeat customers.

Jamaica_Yellow_Pages90x90“We are excited to launch the Google AdWords Premier SMB Partner program with hand-picked, highly qualified companies like Jamaica Yellow Pages”, said Rogelio Montekio, head of Google’s channel sales. Our Google Adwords was created to drive value to small and medium-sized businesses and maximize the performance of their campaigns”, added Mr. Montekio.

Partners in the Google AdWords™ Premier SMB Partner Programme must meet the highest standards of excellence for qualification, training and customer service. They must also bring to the table local search marketing knowledge and solid experience working with small and medium-sized businesses in the local market.

“As a business we are continuing to invest in the best resources to deliver the right partners to boost the visibility of our advertisers,” said Mark Macfee, Executive Vice President for Global Directories, publishers of the Jamaica Yellow Pages®. “We are very excited with our participation in this program which extends our range of innovative products and services and further demonstrates our commitment to providing the best solutions possible when it comes to digital marketing,” added Mr. Macfee.

For more on Jamaica Yellow Pages eMarketing for small and medium-sized businesses call 936-3940 or visit: Jamaicayp.com.

JMMB grows assets $125B to $200B

Jamaica Money Market Brokers Limited (JMMB) has been given the green light to acquire an additional 50 percent share of the Intercommercial Banking Group Limited (IBL Group) to bring its stake in the company to full ownership. As a result JMMB, in just over a year, will almost double its assets from J$125 billion to $200 billion.

The acquired entity is a commercial bank in Trinidad & Tobago and not large by any standards as far financial institutions are concerned but it puts the Group in a position to gain market share in a country that seems to have started to grow again. By comparison, IBL Group is about the size of Mayberry Investments.

The IBL acquisition will add almost TT$1.55 billion in total assets that it held on its books at March (roughly J$14 is equal to TT$1). IBL assets enjoyed an increase of TT$336 million or 28 percent over the prior year and was mainly driven by the growth in the loan portfolio which moved from TT$488 million to TT$733 million. At the end of March, JMMB’s investment in IBL group stood at J$808 million for which they paid $331 million as indicated in the audited accounts. The data on IBL finances suggest that JMMB could have paid at least J$500 million for the added 50 percent ownership.

jmmbGrouplogo150x150JMMB in a release on Friday confirmed that the Central Bank of Trinidad and Tobago has completed its assessment of JMMB`s application to acquire the additional fifty (50) percent of the shares of Intercommercial Bank Limited and Intercommercial Trust and Merchant Bank Limited, and has granted its approval to acquire the shares and become the 100 percent shareholder.

Profit | The Intercommercial Banking Group Limited (IBL Group) generated  increased  profit for the year ending March 2013 with a net profit after tax of TT$10.2 million, an increase of TT$5.7 million over the previous year but they reported a loss of JS$25 million in the quarter to June.

The banking group is operating in an economy of high levels of local currency liquidity, low interest rates and lackluster economic activity which have negatively impacted the demand for credit. Against these economic realities, IBL Group intensified its loan growth campaign which started in November 2011, and has been able to achieve an increase in net interest margin of 18.73 percent or TT$7.99 million to TT$50.66 million. Net interest income accounts for 61 percent of the total operating income of the Group. Interest income on loans and advances increased by TT$11 million or 26 percent while investment income fell by TT$2 million as a result of the low interest rate environment, as well as portfolio rebalancing into more liquid assets.

The Group’s operating expenses for the year was reported at TT$63.5 million, up TT$6.7 million or 12 percent over the previous financial year. IBL’s growth and expansion strategy over the past 17 months has contributed to this increase, the main drivers of which were staff related expenses and advertising and marketing expenditures.

Staff costs, the largest component of operating expenses, totaled TT$35 million to March, representing an increase of TT$4.6 million or 15 percent. In addition to the opening of the Tunapuna branch and the resultant incremental staff count, several key management positions that were vacant in previous financial year were filled in the 2012/13 financial year.

Client Deposits | In their annual report to shareholders, JMMB stated, “The total client deposit portfolio grew by 28.2 percent in the financial year which is consistent with the increase experienced in the loan portfolio. This represented a TT$66.2 million growth in savings and a TT$284.3 million growth in time deposits. The Group continued to focus on diversifying its deposit portfolio by expanding its core deposit (savings and demand accounts). While these efforts had some success in the year, we expect that more positive results will be seen in the coming months when several key initiatives in channel distribution are rolled out across the branch network.”

JMMB is an IC Insider Buy Rated stock. In 2011, JMMB placed third in the Investor’s Choice’s Champion Company award that recognizes management excellence.

Related posts | JMMB share offer taken up | JMMB big bump in profits | New additions to Buy Rated list

 

CWC to launch 4G LTE in Cayman

Cable & Wireless (C&W) will launch Long Term Evolution (LTE) mobile data services in the Cayman Islands, where it trades as LIME. C&W will launch LTE services in the 2013/14 financial year initially on the isle of Grand Cayman.

The upgrade is the latest part of a programme of network upgrades across C&W’s pan-America business, providing customers with better access to mobile data. Mobile data usage is the fastest growing service across Cable & Wireless Communications’ (CWC) businesses, with Group mobile data revenue increasing by 34% in the 2012/13 year, a release from CWC said.

LTE is a ‘fourth generation’ (4G) mobile service which will enable C&W to provide mobile data services at speeds about four times faster than currently available in the Cayman Islands. This will enable customers to access services on their smartphones such as video calling, streaming of HD video clips and ultra-fast web browsing.

CWC was awarded the mobile spectrum over which it will broadcast LTE services having won a competitive tender process. It was awarded two blocks of spectrum in the 700 megahertz (Mhz) spectrum band, which will help to ensure that customers receive a good signal even when indoors.

“Just over two years after launching 4G mobile services across all three of the Cayman Islands, C&W has acquired an LTE license and additional frequencies which will enable us to provide super-fast mobile data services on the next generation of technology” the release from C&W said.

What is 4G? | Mobile phones have been through several generations of development.

cable-and-wireless-worldwide600x250The introduction of basic data services (predominantly text messaging) was called second generation (2G). EDGE networks provide faster connectivity to enable easier usage of mobile internet. EDGE networks are often marketed as 2.5G.

The 3G standard was given to networks utilising High Speed Packet Access (HSPA) technology, which enabled even faster download speeds and the use of multimedia services such as video calling and streamed video clips. 3G networks also enabled operators to launch mobile broadband services.

The International Telecoms Union has designated that a further generational leap has taken place in mobile technology. The 4G standard is awarded to a range of network technologies including HSPA+, WiMax and LTE.

TVJ Chairman resigns

Radio Jamaica Limited (RJR) has advised that Milton Samuda, Attorney at law, has resigned from the Board of Directors of the company effective September 11, 2013.  Samuda who was also chairman of the RJR subsidiary, Television Jamaica (TVJ) has served on the RJR board for seventeen years. As the head of the powerful Chamber of Commerce for a number of years, Samuda would have been the likely candidate to take over as Chairman for the RJR Group when the current Chairman Lester Spalding steps down.

The resignation comes in light of the controversy relating to a press interview which involved his clients, world-renown Asafa Powell and Sherone Simpson. Samuda, who reportedly sat in as part of the interview, is alleged to have taken the journalist’s tapes which were later edited.

In the release issued by the company following an investigation into the matter, “There were corporate governance issues and policy breaches which the chairman of TVJ accepts.”

CAC $150m Preference share issue

CAC 2000 Limited (formerly Carrier Air Condition) went to the market in July to raise $150,000,000 with the option to upsize depending on demand by way of one Dollar (J$1) for Five (5) years redeemable Preference Shares with maturity set for July 31, 2018.

A cumulative preferential dividend is at a fixed rate of 10% per annum for the first year and thereafter a variable rate of 2.5 percentage points above the weighted average yield rate applicable to the 6 month Jamaica Treasury Bill Tender (WATBY), held immediately prior to the commencement of each quarterly interest period, until maturity.

The net proceeds of the offer will be used by the Issuer to invest in the expansion of the Company and to provide working capital.

The Issuer reserves the right to redeem the Preference Shares on any dividend date after a period of two (2) years by giving the holders 90 days notice.

Victoria Mutual Wealth Management are the brokers to the issue,which is being done by private placement.

The issue, which was slated for closure on July 31, has been extended. As of September 13th, the issue said to be nearly taken up in full. Lack of a strong name recognition in the market may be hampering the full take up of the offer.

Related posts | Capital market is alive!

Mystic Mountain $500m Pref shares

In July, Mystic Mountain issued $500 million in 10.50 percent preference shares in a private placement. So how do they look financially? IC Insider got hold of some data to help investors understand what the operation is looking like. The funds raised are expected to cut borrowing cost, provide working capital and allow for expansion.

The company intends to apply to the Jamaica Stock Exchange for the listing of all of the Preference Shares by way of introduction and to make such application six months or as soon as conveniently possible after the closing of the Offer.

The company operates an attraction facility in Ocho Rios, Jamaica catering to all, but relying a great deal on foreign visitors to the island.

Information from the company states that “The Rainforest Sky Explorer is a chairlift ride which takes riders from the entrance to the heart of the action, 700 feet higher. The journey takes approximately 15 minutes each way and covers approximately 1.3 miles, giving riders superb views of the rainforest, the beautiful Caribbean Sea on the north coast of Jamaica and educational pictorial displays featuring Jamaican Olympian athletes that are set up at the top of the route.

Mystic MountainCHARTRFA is a British Virgin Islands registered corporation that, through its Hong Kong wholly owned subsidiary, is the majority owner of five ecotourism parks, two in Costa Rica, one with a management agreement in Mexico, one in St. Lucia, and Mystic Mountain in Jamaica. RFA owns 54.9 percent of Mystic Mountain. The remaining 45.1 percent is owned by Mike Drakulich, Norma Clarke and John Dalton. Additionally, the Company is planning to build a sixth park in St. Maarten and is in advanced negotiations to develop a seventh park in Rio de Janeiro.”

Profitability | Net profit for September 2012 amounted to US$1.186 million up from US$1,018 million in 2011 with profits being made in the last four years, the period that the company disclosed results for. Financial performance for 2nd quarter ended March this year and March 2012 showed operating revenues up to US$2.20 million, a US$179,000, or 7.5 percent decline compared to 2012. Direct operating expenses totalled US$940,000 in the quarter, a 10.4 percent or US$48,000 increase over the 2012 quarter. Administrative expense increased marginally by 3 percent from US$441,000 in the second quarter 2012 to US$455,000 this year. Finance costs fell from US$56,000 to US$40,000 in the second quarter this year compared to the similar period in 2012. Net Income declined by 34 percent or US$299,000 to US$580,000 in the quarter.

Revenues for the 2012 fiscal year amounted to US$7.146 million, an increase of 16 percent or $1 million over 2011 primarily as a result of an increase in visitors over the year. The compounded average growth rate (CAGR) for the 4 year period is 9 percent. Direct operating cost of US$2.40 million increased by 25 percent or US$500,000 compared to 2011, resulting in a gross profit of US$4.75 million for a 12 percent improvement over the previous year.

Operating expenses of US$3.36 million increased by 12 percent or US$358,000 relative to 2011, primarily as a result of increases in general operating expenses such as repair and maintenance and office expenses. Gross profit margin declined from 67 percent in 2011 to 66 percent in 2012. In 2009 gross profit margin was 74 percent.

Finance costs of US$205 thousand declined by US$27 thousand or by 12 percent relative to 2011 of US$232 thousand. Finance cost was reduced from a high of US$611 thousand in 2009.  Mystic has reduced its total borrowings from US$4.824 million to US$2.454 million in 2012 by paying down loans resulting in reduced interest cost.

Liquidity | As at September 30, 2012, the company had a current ratio of 1.05. This represents an increase of 22 percent of the liquidity position relative to 2011, in which the current ratio stood at 0.86. The level of equity to debt which was 110 percent in 2011 improved sharply to 160 percent in 2012.

The company’s working capital has been negative for the three years to 2012 and just went into the black in 2012.

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