Within less than a month of the release of Desnoes and Geddes full year results, to June, the company is reporting another purchase of shares by a director. The latest, is 3rd such inside purchase to have taken place, since the June results were released.
The latest acquisition is 507,650 shares on September 23. This comes on the heels of Desnoes and Geddes reporting strong full year results, with the promise of higher earnings, in the new fiscal year. The company previously reported the purchase 250,000 shares by a Director, on August 29, 2014 and 100,000 units, on September 1.
More insider buying of D&G shares
September 27, 2014 by
JPG ups Kingston Wharves holding, NCB out
September 24, 2014 by
NCB Capital Markets purchased 466,435,712 on behalf of a client. Shares held by the NCB group were part of the transaction. NCB Jamaica Limited had 360,807,145 or 28.27 percent of the company and NCB Capital Markets Ltd. A/C 2231 had 105,283,757 or 8.25 percent. Steven Gooden of NCB Capital Market only comment is “a release will be made after the close of the Jamaica Stock Exchange today”.
The transaction is clearly not one of a name change as that would have been done as a block transaction. As a result of the transaction, Seaboard is acquiring 21 percent and Jamaica Producers 11.59 percent of the outstanding Kingston Wharves shares. Producers will now own approximately 42 percent of the company. Jeffery Hall CEO of Jamaica Producers confirm the groups interest in the deal and advised of a release after trading on the Jamaica Stock Exchange, to provide the full details.
Jamaica Producers Group already owns 431,777,188 or 33.83 percent of the company and would end up with just over 70 percent of the company. The transaction which was mostly done at $6.50 per share or $1.49 above Tuesday closing price cost $3 billion and would effectively trigger a compulsory takeover offer to the minority shareholders if it was all purchased by Jamaica Producers. The transaction took place in three main blocks that were all done at $6.50,and include 300,345,000 units costing 1,952,242,500, 60,462,145 shares costing $393,003,943 and 105,283,757 at a cost of $684,344,421. Apparently, the largest block was sold to more than one party to the transaction and would have been the reason for the split up of it. This arrangement could mean that Jamaica Producer’s Group would not be a majority shareholder and therefore not trigger the take over clause. the increase in the price exceeds the 15 percent rule of the JSE but the stock had closed Tuesday with a bid of $5.75 which was a set up to allow for the traded at todays price.
In 2012,Jamaica Producers had increased their holdings in Kingston Wharves when they bought Three Hundred and Fifty Seven Million Five Hundred and Fifty Thousand (357,550,000) ordinary shares of KWL at a price of $5 per share to help fund the company’s expansion and modernization in pursuit of increased business expected to flow form the Panama canal expansion.
the transaction will boost NCB 2014 earnings as it comes days ahead of the bank’s year end and whatever gains there will be, will be in the incorporated into the results.
Insider sells 1m JMMB stock
September 24, 2014 by
Jamaica Money Market Brokers advised the Jamaica Stock Exchange that a connected party sold 1,000,000 of the Group’s shares, on September 18, 2014.
The sale was executed through Scotia Investments which seems strange, as onlookers would consider that a connected party to group would have used the JMMB brokerage house instead of a non-related entity.
KLE Group director sells out
September 15, 2014 by
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Two directors KLE Group sold 8,100,000 and 5,896,500 stock units of the company, on September 9, 2014, at $1 per share, bringing to three the number of directors who sold off large portion of their holding in the floundering group, within two months. One former director, Craig Powell, dumped part of his holdings, on Friday July 11, on the Jamaica Stock Exchange. Stocks and Securities acting as brokers on behalf of the seller and buyer, executed Powell’s trade at 90 cents each for the 7,181, 043 units, in July.
Powell is not the only director that has sold shares in the company. According to a listing of holdings in March, Kevin S. Bourke a director, held 10,435,250 shares, the same as of the end of 2013 and so did the CEO Gary C. Matalon with 9,295,250 units held directly, in his name, but with a total of 16,073,628 shares that he is connected with. Zuar A. Jarrett had 10,178,500 units at the end of 2013, this was down to 6,896,500 in March. Stephen Orlando Shirley had 10,111,500 units at the end of December, but 6,761,500 in March and David A. Shirley had 6,227,750 without any change in holdings, The sale are unlikely to be coming from the lesser amounts as they are no disclosure that directors bought more shares since March to have driven up their holdings. There are only two directors with enough shares to match the recent sales of 8.1 million units, either Matalon or most likely, Kevin S. Bourke. The 5,896,500 units sold looks very similar to Zuar A. Jarrett holding less 1 million units. On the same day the directors sold the shares recently, 1,849,709 shares was also sold. The latter amount seems part of JCSD Trustee Services – Sigma Optima shares which totalled 2,849,709 units in March. The sales took place against the back ground of the company reporting one of the better quarterly results since listing.
A senior manager sold Scotia Group advised of the sale of 15,960 shares on September 8, 2014 from shares held under the Employee Share Ownership Plan.
A senior manager sold 40,000 National Commercial Bank shares during the period August 18 – 26, 2014, the company reported.
Inside trades at D&G & NCB
September 3, 2014 by
National Commercial Bank Jamaica (NCB) advised that two directors purchased a total of 34,607 of the bank’s shares, on August 27, 2014 and Desnoes and Geddes reported the purchase of 100,000 of the company’s shares by a Director, on September 1. The company had previously reported a purchase of shares by a directors on August 29.
NCBJ reported good gains in profit for the nine moths to June this year with IC Insider forecast of $4.80 per share for the year to September and Desnoes & Geddes earned 77 cents per share from ongoing operations for the year to June.
Inside buying at D&G and Mayberry
September 1, 2014 by
Hot on the heels of Desnoes and Geddes reporting strong full year results, with the promise of higher earnings in the new fiscal year, the company reports the purchase of it’s shares by a Director, who acquired 250,000 shares on August 29. 2014.
Mayberry Investments reported a small transaction, by a related party, who purchased a total of 16,690 of the company’s shares, between August 22 – 26, this year.
Jamaican Teas reported that a related party sold 1,592,907 of the company’s shares, on Friday August 27.
What were these directors hiding?
August 14, 2014 by
Cable & Wireless (CWJ) nearly 5 months to report insider trades by it senior directors. What were they trying to hide must be the question? Most companies report trades by insiders, a few days after the event.
There can be little excuse for this to have happened, in the case of the CWJ trades. Are there more trades that have not been reported, is an obvious question? The situation in the case of Cable & Wireless is most important, in light of the increased interest in the stock since the start of 2014, with what appears to be a trend of improving revenues and gain in market share, in a number of its business segments.
On Thursday the Jamaica Stock Exchange was informed by Cable & Wireless that that Senior Directors purchased a total of 5,290,069 shares, during the period March 17, 2014 to April 3, 2014.
The trades involved more than one person and at a senior directors’ level. As directors they have a duty to ensure information as critical as this is reported promptly, within a reasonable time to the exchange. Five months after the trades, is not reasonable.
Mayberry Investments advised that related parties conducted trading activity of 122,500 of the company’s shares on August 11 and 12, 2014.
Another director jumps KLE
August 14, 2014 by
Craig Powell one of the directors and shareholder of KLE Group when the company had its IPO in 2012 finally gave up trying to turn the struggling entity around and resigned as a Director with effect from August 11, 2014, the Jamaica Stock Exchange was informed today. The signs were on the table for all to see when Powell in July, sold 7,181,043 units out of the 10,693,750 share he owned, at a huge discount to the IPO price.
Derrimon largest owners of Caribbean Flavours
August 8, 2014 by
Derrimon Trading Company Limited (Derrimon) acquired 49% of the issued shares of Caribbean Flavours and Fragrances (CFF) from its previous majority owners, Anand and Joan James.
The share transfers of two blocks of 22,030,408 shares each, were executed through the Jamaica Stock Exchange on August 5, to effect the transfer to Derrimon for J$121,167,244, at $2.75 per share. Mayberry Investments acted as the investment banker to the deal on behalf of Derrimon.
Established in 1998, Derrimon is now a major distributor of consumer goods to supermarkets and wholesalers island-wide as well as supermarket operators.
“We are looking forward to working with Anand James, who remains as Managing Director of CFF, to expand on the synergies provided by this unique business. We believe that this investment will also assist us to reach the next level in our evolution.” CEO and majority shareholder of Derrimon Derrick Cotterell said.
CFF is engaged in the manufacture and distribution of flavourings and water soluble colourings for the food, beverage, baking, confectionary and pharmaceutical industries. The Company also manufactures and supplies fragrances, which are used in production of household cleaning, body car, aroma therapy and air freshener products. The Company supplies its products predominantly to commercial concerns in Jamaica, and exports to Caricom countries including Trinidad, Barbados, Guyana, and St. Kitts.
Managing Director of CFF Anand James said “I am very pleased with the progress of CFF since its listing on the Junior Market last September. Less than one year later, the listing has assisted me to identify a
long term strategic partner who shares my values and overall strategic focus.”
The deal will result in some changes to the board of directors of CFF, which will now comprise two
executive directors from each of the two companies. The three non‐executive directors as well as CFF’s
mentor will remain unchanged.
Gary Powell KLE director dumps shares
July 11, 2014 by
Craig Powell, a director and second largest shareholder in KLE Group dumped part of his holdings in the floundering group, during Friday’s trading on the Jamaica Stock Exchange.
Stocks and Securities acting as brokers, on behalf of the seller and buyer executed the trade at 90 cents each, for the 7,181,043 units that Powell owned. Powell should pocket just under $6,462,938 from the sale, down substantially, from the $26.6 million value placed on it, at the time of the IPO. The amount represents a portion of 10,693,750 that the company’s prospectus said he held prior to the issuing shares to the public in 2012, and now leaves him holding 3,201,343 units. At the time of the IPO, the amount represented 14.64 percent of the total issued shares, after the issue it would have come down to 10.70 percent, the prospectus stated. Powell’s holding after the public issue was second only to Gary Matalon’s holdings of 13.69 percent. At the time of the public issue Usain Bolt’s Sherwood Holdings Limited held 6,757,000 in the company. KLE’s 2013 annual report, lists Sherwood as still owning them.
Who is Powell?| The KLE prospectus list Powell’s credentials as follows: “Non-Executive Director he was appointed September 8th, 2008. Powell has over twenty-four (24) years’ experience in management and event marketing and promotions. Powell’s work experience spans operations management at the Sunset Jamaica Grande Hotel, regional sales and marketing at Amalgamated Distributors Limited and management at Midel Distributors Limited.
Powell also has a wealth of experience in the event-planning and entertainment industry, having been a principal in many of Jamaica’s premier entertainment attractions and events, such as The Appleton Estate All-Jamaica Grill-Off, which is perhaps the only event of its kind in Jamaica.
Powell also has substantial agricultural investments, which includes the production and export of produce and has an interest in Jamaica Hydroponics Ltd., a company that grows and distributes vegetables to hotels and retail outlets. Jamaica Hydroponics Limited owns and operates the largest hydroponics farm in Jamaica.”
KLE Group has been bleeding badly, having made a loss of $56 million in 2013, it followed that up with a loss of $13 million in the March quarter this year, but this was an improvement on the $17 million loss they suffered in the March 2013 period.
