Palace considering split stock

Palace Amusement Company is set to split the stock that last traded at $620 per share on Monday, with a range of 620 to $1,150 for 2022.
The company informed the Jamaica Stock Exchange that the Directors proposed to meet on Tuesday, December 20, 2022, and will be discussing the possibility of a stock split. A split is almost a certainty, with the company having borrowed over $700 million, the opportunity exists to raise fresh capital by way of an additional public issue of shares to pay down the debt. Splitting the stock to make them more attractive to retail investors would be a logical step.
To achieve an attractive price and create wide-scale public interest would require a split in the order of 100 to 200 to one of the existing issued shares and would raise the issued number of shares to between 250 to 300 million units.
Other companies talking about stock splits that could come in 2023 are Medical Disposables that could come with a stock split and a rights issue of more shares to use to fund expansion.

Palace jumps $800 to a record $2,900.

Stationery and Office Supplies informed shareholders at the recently held Annual General Meeting that the directors have been looking but currently the liquidy of the stock does warrant one just yet.
Others that should give serious consideration to splitting their stocks are Access Financial Services, with the stock trading over $20, Dolphin Cove priced in double digits, Barita Investments, Cargo Handlers, Honey Bun, ISP Finance, Knutsford Express and Main Event.

Stock split to lift Fosrich to 3rd largest

Fosrich proposed 10 to 1 stock split will lift the issued shares to the third highest in Jamaica with 5 billion shares and make by far the company with the largest number of issued shares on Junior Market if shareholders approve the split as proposed.
Only Wigton Windfarm with 11 billion issued shares and Transjamaican Highway with 12.5 billion will be ahead of Fosrich. The next closes will be Sagicor Group with 3.9 billion issued shares.
Shareholders of Fosrich at the Annual General Meeting scheduled to be held on June 21 will consider increasing the authorised share capital of the company from 512,821,000 to 15 billion by the creation of an additional 14,487,179,000 ordinary shares.
The shareholders are asked to approve the splitting of issued shares into 10 units with effect from the close of business on July 6. If approved will result in the total issued shares being increased to 5,022,755,550 ordinary shares of no par value.”
The Company is requesting authorisation to issue up to 126 million shares by way of a Rights Issue to existing stockholders and or the public, on terms to be decided by the directors.
The company expanded into the manufacturing of PVC pipes and the repairs of transformers, resulting in a big surge in revenues and profits that helped in fueling the stock price to a high of $38 this year from just $7.20 a year ago.
Or the quarter to March this year revenues jumped a solid 64 percent to $900 million and profit surged 314 percent to $159 million, with earnings per share of 32 cents.

Trinis missing the salient points

Another Trinidad company (Massy Holdings) is set to list on the Jamaica Stock Exchange on the basis that the sophistication and growth opportunities are evident in the Jamaican securities market that has become increasingly more dynamic over the past few years.
They may be right about the Jamaican capital market, but they are missing the real issues. The stock prices of listed companies in T&T Stock Exchange have been priced out of the reach of the average Trinidadians and the directors don’t seem to understand that or worse seem to care about the smaller investors. Guardian Holdings with 232,024,923 million shares issued and Massy with nearly 98 million shares will just not have the liquidity to trade frequently in good volumes in either the Trinidad or Jamaican market. Unfortunately, those are not the only companies in that market that are so affected. The companies need to have the issued number of shares increased. for decent trading in the Jamaican market around two to three billion issued shares will be an appropriate level.
The other factor is the need to put the companies on a growth path for profits that investors can have confidence in acquiring and holding the shares. The weakness in this area of profitability, is not the sole purview of the companies, as the government has a role to play in this.

Guardian Holdings hit 52 weeks high on TTSE.

The evidence is crystal clear, investors love stock splits and they help move stock prices as investors buy up shares they previously ignore for being overpriced. This has been without a doubt the clear case in the Jamaican market. For years PanJam Investments directors resisted recommending to shareholders the splitting of the company’s stocks but relented a few years ago, with the stock price that was stagnant for years coming to life and rewarded shareholders with much higher value afterward. It is therefore difficult to understand why directors, with the evidence so clear, want to have elevated stock prices and limited liquidity of their stock. Last year Apple and Tesla sand split their stocks to much investors acclaim, just this week Nvidia Corporation in the USA, with the price jumping after announcing a four for one split.

Good news drive interest in Jamaican Teas

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Shareholders of Jamaican Teas approved a three for one stock split effective November 30 at a meeting held by the Company on Tuesday. The record date for the split is Monday, November 30, but the stocks go ex split on Friday, November 27 and will commence trading at the post-split price on that day.

John Mahfood CEO and Director of Jamaican Teas addressing the EGM.

In an update to shareholders at the meeting on recent developments within the Group and the outturn for the year to September, they were advised of the continued growth the Group experienced since listing in 2010 with equity moving from $392 million to $1.8 billion at the end of September, this year. Management advised that helped by good results for 2020, the Group moved from a billion-dollar entity to a $2 billion one measured by sales that closed the past fiscal year at $2.2 billion.
Management considers one of the highlights of the recently concluded quarter to be the strong 65 percent gain in export sales over the prior year as well as exports accounting for 65 percent of total manufacturing sales in the quarter. The level of exports meets one of the objectives set at the time the Company went public in 2010.
Early indications and feedback from our overseas customers point to a continuation of the positive trend in exports for the 2021 financial year, the meeting was told.
While exports were dominant, domestic sales did relatively well, with local manufacturing sales increasing 17 percent over 2019. Overall, sales climbed 44 percent to $407 million in the fourth quarter, shareholders were informed. The Real estate division contributed $240 million in sales and is set to contribute around $160 million in the December quarter.
The Group had a disappointing year in the investment division, as it incurred a loss with the fall in the value of local investments but saw some improvement in the second half of the fiscal year, with profit in both quarters. Management expressed the view that there should be an improvement in its fortunes in the new year.
Net profit attributable to Jamaican Teas for the quarter was $131 million, a decline of 27 percent from the $180 million profit in the corresponding quarter of the previous year. For the full year, net profit attributable to Jamaican Teas was $210 million, a decline of 47 percent from the $400 million generated in the previous year.
After the year-end, Jamaican Teas had increased sales of 47 percent in October 2020 over 2019, with export up a robust 85 percent and a much less robust 10 percent for domestic sales. Orders in hand for November suggest a continuation of the positive trend seen in October.

Jamaican Teas’ shareholder – Mr. Lanzel Bloomfield addressing the EGM

The Group will be booking more real estate sales in the December quarter. With the above developments, management expects a good first quarter for the financial year ending September 2021. The Group plans to commence a major expansion of the factory to meet the increasing demand for its manufacturing products.
Since the company advised the JSE on September 29 that the board would meet to set a date for the three-for-one stock split, the price rose by 56 percent to $6.70. The stock traded at $4.30 on the day of the announcement. The release was posted after trading closed. The next trading day, the price jumped to $4.83 with 161,040 shares trading. On the first day of October, the price moved to $5.02 with 1,099,894 shares trading. The stock traded at $5.50 on Monday last week. On Tuesday, it traded at $5.99 and moved $6.30 on Wednesday and $6.70 on Thursday and Friday.

Split coming for Pulse shares

Kingsley Cooper Chairman of Pulse

Pulse Investments’ directors propose to consider the splitting of the issued shares of the company into two units for each one currently issued. The Board Meeting is set to be held on Monday, May 22.
The resolution, if passed by the Board, would go to a General Meeting to be voted on by the shareholders of Pulse Investments. The company currently has 271,789,674 issued shares, the split would put the total up to 543,579,348 units.
The company’s stock last traded on the Jamaica Stock Exchange at $8.05 and carries a PE of 6 compared to 13 for the main market.
During 2016 the company passed a resolution agreeing to issue additional shares by way of a rights issue. From all indications, with the PE well below the general market the company must be awaiting a greater uptick in stock price before going back to shareholders for more funds.

Jamaican Teas ex split Thursday

Shareholders of Jamaican Teas will consider a 2 for 1 stock split at their Annual General Meeting scheduled for tomorrow April 12, to be held at the Courtyard Marriott hotel in Kingston.
The resolution which will be considered will see a recommendation being put forth, for the authorized shares to be increased to 1 billion units from 500 million units.
The issued shares will move from 337,416,730 units at the end of September last year, to 678,833,460 shares of no par value. Subsequent to the 2016 year end, directors exercised the option to acquire 2 million new shares under a share option plan, thus increasing the number of issued shares prior to the record date of April 19. The stock is slated to start trading ex-split on Thursday April 13. in 2016, the company also approved a 2 for 1 stock split as well.
The shares traded on the Jamaica Stock Exchange Junior Market at $7.75 on Tuesday.

Stock split who is next?

Paramount with the stock priced at $17.50 with virtually no supply seems a candidate for a stock split.

Paramount with the stock priced at $17.50 with virtually no supply seems a candidate for a stock split.

Companies on the Jamaican Stock Exchange have either announced or effected stock splits or bonuses this year, to loud applause by investors who have driven the stocks sharply upwards in response to the news.
The first to do so was Jamaican Teas with the price doubling after the announced split. Honey Bun followed with the price climbing sharply after the announcement as well as after the split. RJR did both a split and a bonus. GraceKennedy and Pan Jamaican that have seen their stock struggling for a long time at very low levels, finally getting the lift with the announcement of a stock split. Jamaica Producers effected a bonus with a similar price movement. Cargo Handlers and Jamaica Stock Exchange announced stock splits and the investors immediately responded positively to them by driving the prices up. If the trend seen with other splits holds, the prices of the stocks of the latest announcements will rise further after the split takes place.
Stock bonuses were a regular feature of the market for years until the government removed the tax incentive for them. Only the three Lasco companies split their stocks to create greater liquidity in 2014. With mostly 20 percent of junior market companies’ shares in the wider public’s hands and with some of the twenty percent closely held, supply is not always easy to come by. Splitting the stock encourages increased valuation of the companies and allows for some to be sold to the wider market, thus increasing liquidity.

Palace Amusement with a price tag of $170 and virtually no supply should be a prime candidate of a split.

Palace Amusement with a price tag of $170 and virtually no supply should be a prime candidate for a split.

There are more stock splits to come, so who are the likely candidates. One would expect that Eppley, with a $735 price tag and very limited trading activity, would be a good candidate and so would Palace, with a price of $170. Based on what has happened in the past don’t count on these two to take such action anytime soon, but the directors of these companies are going to be pressured into making a move. Management who are conscious of the valuation the market places on the stock would do the things that would boost investors’ confidence in the stock. With limited liquidity, the companies are losing out on one of the most important benefits of listing which is the constant publicity garnered from having the company’s name repeated publicly daily.
Other candidates ripe for a split include Paramount Trading, a stock that has limited supply, the company is yet to announce its annual general meeting and that seems a very good time for it to be approved. Blue Power now priced at $21 with very little supply is a prime stock for such action. Others that could well do it are Access Financial Services,

AMG Packaging with a new chairman who is stock market friendly could deliver a split sooner than later.

AMG Packaging with a new chairman who is stock market friendly could deliver a split sooner than later.

AMG Packaging with a change in chairmanship who is a stock market follower should land a split sooner than later and Knutsford Express in the junior market.
There appear to be few main market stocks that need to consider one but National Commercial Bank with the price struggling around $40 with good results could well do one to increase investors’ interest and so could Scotia Group and of course Montego Ice.
If stock splits are so popular in Jamaica, why is it not being used in Trinidad that only has limited trading taking place daily. Management is depriving their company of maximum exposure for the cost of listing and preventing their shareholders from enjoying a more liquid market in which to trade.

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