Gleaner’s media assets valued at $1.16

RJRGlnr press -815The Gleaner’s media assets to be transferred to RJR in the recently announced merger, is now valued at $1.16 per shares based on RJR’s closing stock price on Monday of $4. The Gleaner’s stock traded at $1.89 on Monday.
The proposed merger of the media arm of the Gleaner Company with Radio Jamaica (RJR) will see the Gleaner’s shareholders being compensated for the media business that RJR is acquiring at the rate of 1 RJR share for each Gleaner share. The initial information led to the interpretation that the Gleaner shareholders would be getting 1.2 billion of the RJR shares while the RJR shareholders would remain with just over 350 million shares. According to information on the Gleaner’s website, RJR will increase the issued shares to 2.4 billion units that will then be shared equally between the shareholders of both companies. RJR will do a combination of a share split and issues of new shares of which 1.2 billion of the shares will be given to Gleaner shareholders as the payment for the Gleaner Company (Media) Limited subsidiary.
RJR currently has 350.154 million shares issued to get the numbers to 1.2 billion for the company’s shareholders would translate to a split of roughly 3.43 to each existing share.
In addition to the value of the media assets, the Gleaner shareholders will retain shares in the new company that will retain the non-media assets. IC Insider.com pieced together information that suggests that these assets which include the current headquarters of the Gleaner, could be valued around $2 billion or roughly $1.70 per share.

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  1. […] to report $240 million for the year to December 2015 from all its current operations. Apart from Gleaner offering the media assets they will contribute $665 million in cash and equivalent. While the […]

  2. […] The Gleaner Company, producers of Jamaica’s oldest newspaper, earned increased profits for its September quarter. The North Street based institution earned $27 million profit for the quarter, 70 per cent more profit than a year ago. The 2015 results are commendable as its revenues dipped to $777 million or 9 percent less than a year earlier in the quarter, including a fall of $26 million in investment income to $54 million for the quarter while media income fell $68 million for the same period. For the nine-months, the Gleaner made $130 million net profit or 122 per cent more than the $58.6 million earned a year earlier. Revenues continued its downward drift by 5.6 percent to $2.38 billion, partially helped by a fall of $34 million in investment income to $90 million while media income fell $120 million for the same period Gleaner enjoyed other operating income of $61 million and $63 million in 2014 as a result of gains on foreign exchange on investments and Finance income includes interest on loans. Consequently, the profit resulted from efficiency gains in slashing administrative and ‘other operating’ expenses during the quarter. Interestingly, however, with the jump in profit the company ended the quarter with $93 million in cash flow down from $164 million from operation in 2014 period and ended with $37.7 million cash in the bank at September 2015 and $42 million September 2014 and $772 million in investments up from $690 million at September 2014. The Gleaner continues to prepare its media operations for the merger with the Radio Jamaica Group, another legacy media entity. It will create one of the largest broadcast and print media entities in the Anglophone Caribbean. Plans to merge were announced on August 5, 2015, with the merger is expected to be concluded by year-end, subject to the approval of a splintered shareholders of Radio Jamaica. There is little doubt that the Gleaner’s shareholders will not approve, with the company’s Chairman in control of a large block of the Gleaner’s shares. Net asset at the end of September is $2.32 per share. The stock is priced at $1.90, with earnings per share of 10.76 cents for the nine months period and 2.27 cents for the quarter. The company seems on target to earn 20 cents per share, for the full year. Gleaner’s shareholders will get the equivalent of a third of each of the RJR existing shares as well us retain shares in the remnants of the Gleaner with net assets around $1.70 per share, if the merger proceeds. But the overall gains will be well in above the current combined value of $3.53 based on the $5.20 price of RJR shares last sold at with indication of further rise to come, based on a big jump RJR’s revenues and profit in the September quarter. […]

  3. […] buy 2,263,800 shares at 12 cents. Desnoes & Geddes ended with 63,357 shares trading at $30.02, Gleaner Company traded at 391,191 shares and gained 1 cent to end at $1.92, Grace Kennedy traded 767,772 shares and […]

  4. […] shares changing hands. Desnoes & Geddes had 98,677 units changing hands, to close at $30, Gleaner Company traded 72,840 shares to end at $1.92, after rising 2 cents, Grace Kennedy traded at $68 while […]

  5. […] share trading at $53 after. Desnoes & Geddes had 152,548 units changing hands to close at $30, Gleaner traded 150,833 shares at $1.86 for a 6 cents gain, Grace Kennedy exchanged 26,870 shares at $70 to […]

  6. […] until 3 PM and closed at 3:30. Not many more securities traded after resumption, but 19 million Gleaner shares changed hands, 18,996,993 units were bought through Victoria Mutual Wealth Management and […]

  7. […] with 279,208 units closed at 40 cents, Caribbean Cement had 27,500 units changing hands at $8, Gleaner closed with 116,172 shares and lost 2 cents to $1.90. Jamaica Broilers traded 2 cents lower at […]

  8. […] changing hands at $8.01, Desnoes & Geddes traded 212,380 shares at $7 for a gain of 21 cents, Gleaner closed with 17,000 shares and fell 20 cents to $1.80. Jamaica Broilers traded at $5.85 with 8,550 […]

  9. […] to be at 105,044.36. The junior market index was at 1,024.90 Dolphin Cove fell 85 cents to $12.15, Gleaner Company traded at 63,082 shares and fell 56 cents to $2.17, Jamaica Broilers fell 89 cents to $6.10, Jamaica […]

  10. […] gain of 5 cents to end at $2.60, Carreras dropped $1.50 to $50 with 157,969 shares changing hands, Gleaner closed with 70,665 shares and gained 2 cents at $2.73 after the price had fallen in the morning […]

  11. […] trades at 1,031.09, having gained 2.71 points. Carreras dropped $1.50 to $50 with 84,690 shares, Gleaner Company traded 61,465 shares and fell 41 cents to $2.30. JMMB Group traded up to $7.99 with the company […]

  12. […] gained 96.81 points to be at 105,839.17 and the junior market index 1,037.47 rising 0.33 points. Gleaner Company traded at 99,000 shares at $2.73 in the morning session while the Jamaica Stock Exchange traded […]

  13. […] cents off at $51.50, Desnoes & Geddes had 43,637 shares changing hands at $6.80, up 29 cents. Gleaner closed with 377,400 shares traded at new closing 52 weeks’ high of $2.72 for a gain of 21 cents. […]

  14. […] Gleaner’s media assets valued at $1.16 […]

  15. […] Gleaner Company traded at a new 52 weeks high of $2.50 in the morning session while Supreme Ventures traded at $4. The market indices slipped but the junior market made moderate gain. In the process the All Jamaica Index trades at 111,963.85 to fall 126.84 points, JSE Market Index fell 113.48 points to 101,119.91. The combined index lost 101.27 to be at 104,773.76 and the junior market index 1,041.22 rising 0.63 points. A total of 21 securities with a volume of 2,704,762 units have traded with 6 stocks declining versus only 8 that rose. […]

  16. […] be at 104,759.29 and the junior market index 1,042.86 rising 2.28 points. In main market trading, Gleaner traded at a new 52 weeks’ high of $2.09 with 25,000 shares to gain 20 cents, and an offer at […]

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