The minority shareholders of Scotia Group Jamaica Limited will be voting on its shares buy-back offer at 11 o'clock Wednesday morning at AC Marriott Hotel in St. Andrew. The Group recently revised the original offer of $61.50 to $75 after its majority shareholders, Scotia Caribbean Holdings Limited, submitted an improved offer.
This increased offer is 38 per cent higher than the average closing trading price of the stock during the 30-day period before June 11 when the original offer was made to repurchase the stock at $61.50 per share.
Audrey Tugwell Henry, President and Chief Executive Officer of Scotia Group Jamaica Limited, says the increased offer price was also driven by its strong performance since the start of this year.
She indicated as well that it is a reflection of the resilience of the business and the dedication of its employees as well as the trust of its clients.
Mrs. Tugwell Henry also stressed that the improved offer recognises this performance and the positive movement in the Group's share price, while providing minority shareholders with an opportunity to gain a substantial premium on the market price of the stock.
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