Jamaica Public Service Company is to raise more long term capital on the local market. The proposal is to increase the share capital by the addition thereto of 3,500,000 Class “F” and 1,500,000 Class “G” Preference Shares. It is proposed to list the shares on the Jamaica Stock Exchange. Accordingly, a resolution to this effect is also to be considered by directors.
The company has called an extraordinary meeting to approve the issue of two new preference shares and for shareholders to give authority to the directors or a committee of the directors to determine the terms that the shares are to be issued at. The meeting will be held at the Head Offices of Limited, 6 Knutsford Boulevard, Kingston on June 5, 2013, at 10 am.
The resolutions to be considered by the meeting are as follows:
1. RESOLVED as an ordinary resolution that the authorized share capital of the Company comprised of:
– 30,315,733,190 ordinary stock units; and – 567,000 7% Cumulative Preference Shares “B” ; and – 66,500 5% Cumulative Preference Shares “C” ; and – 1,049,000 5% Cumulative Preference Shares “D” ; and – 514,000 6% Cumulative Preference shares “E” be and hereby is increased by the addition thereto of 3,500,000 Class “F” Preference Shares and 1,500,000 Class “G” Preference Shares so that the share capital of the Company will be comprised as follows:
– 30,315,733,190 ordinary stock units; and – 567,000 7% Cumulative Preference Shares “B” ; and – 66,500 5% Cumulative Preference Shares “C”; and – 1,049,000 5% Cumulative Preference Shares “D”; and
– 514,000 6% Cumulative Preference shares “E” ; and – 3,500,000 Cumulative Non-redeemable preference Shares “F” – 1,500,000 Cumulative Redeemable Preference Shares “G”
2. FURTHER RESOLVED as an ordinary resolution that the Company be authorized to issue and/or allot Cumulative Non-redeemable Preference Shares “F” and/or Cumulative Redeemable Preference Shares “G” with rights/restrictions as to Voting, Dividends and Winding up and/or otherwise as may be determined by the Directors of the Company or a Committee of the Directors appointed for such purpose, subject always to the Articles of Incorporation of the Company, and that the Directors of the Company or such Committee be and are hereby authorised to determine all such rights and restrictions and the Directors be and are hereby authorized to allot such Cumulative Non-redeemable Preference Shares “F” Cumulative Redeemable Preference Shares “G” at such subscription price per Preference Share “F” and Preference Share “G” as the Directors of the Company or such Committee may deem fit, the same to investors accepting an invitation to subscribe for such Preference Shares “F” by way of private placement(s) of such Preference Shares “F” and/or Preference Shares “G”, or otherwise and on terms and conditions determined by the Directors of the Company, subject always to the Articles of Incorporation of the Company.
[…] months to June, finance cost was flat with the prior year at nearly US$33 million for each period. The company, the sole distributor of power to end users in the country, reported only US$1.7 million in after […]