Share price revised in proposed acquisition of 1834 Investments by Radio Jamaica | New

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The RJRGLEANER Communications Group says the proposed payment to shareholders of 1834 Investments, whose business is to be acquired by Radio Jamaica Limited, has been revised.

Radio Jamaica is a subsidiary of the group.

The group announced in April that the two entities had reached an implementation agreement.

It was initially disclosed that each shareholder of 1834 Investments, formerly The Gleaner Company Limited, can elect to receive:

(a) 0.403125 shares of Radio Jamaica per share of 1834 Investments;

(b) a cash payment of J$1.29 per 1834 Investments share

c) a combination of Radio Jamaica shares and cash.

But the options have been reviewed and 1834 shareholders can individually decide to receive:

a) 0.4962 Radio Jamaica share per share of 1834 investments

(b) a cash payment of J$1.29 per share of 1834 Investments;

c) a combination of Radio Jamaica shares and cash.

The proposed change aims to ensure shareholders of both companies receive optimal value, the group said in a statement tonight.

He added that global accounting and consulting firm Ernst and Young confirmed that the revised proposal “falls within a fair range from a financial perspective, and issued a fairness opinion to that effect. effect”.

In the meantime, the group said a fixed date claim form had been filed with the Supreme Court of Jamaica seeking an order calling a meeting of shareholders of 1834 Investments to consider the proposed plan of arrangement. .

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