Durrant Pate/Contributor

Simply Secure Limited has now increased its majority shareholding in Jamaican Information Technology company, tTech Limited to 84.7% with 90 shareholders accepting its mandatory take-over offer.

The mandatory offer was made last month in compliance with the Take-Over Rules of the Jamaica Stock Exchange (JSE), where the shares in tTech are traded. The offer comes amid the Florida-based Simply Secure acquiring majority control of tTech last year.

The formal takeover offer by Simply Secure was to acquire 32,770,777 of the issued and outstanding shares in the Jamaican company having already acquired 73,229,223 shares amounting to 69.1% of tTech’s 106,000,000 issued ordinary stock units. This was executed through a series of acquisitions at a price not exceeding J$2.20 per share, thereby acquiring control on November 16, 2024. 

Mandatory offer closes

The mandatory offer closed on January 6, 2025, as scheduled with 90 tTech shareholders tendering a total of 16,555,727 ordinary shares for sale. When these shares are transferred to Simple Secure, this will result in the company taking its ownership position in tTech to 84.7%.

tTech’s Executive Chairman, Edward Alexander reports, “The Registrar to the offer is working with the JSE and the Lead Broker to the offer to enable the transfer of these shares to SSL and settlement of amounts due to the accepting shareholders in accordance with the provisions of the terms of the offer and the Rules of the JSE.”

In July last year Simple Secure, which is a managed security services provider, acquired from ttech major shareholders, Edward ‘Teddy’ Alexander and Christopher Reckord 52,012,834 tTech shares, representing 49.1% of the company’s equity. Two months later, Simply Secure increased its equity in the Jamaican IT firm, acquiring a further 20% equity or 20,719,366 shares, making it the majority owner.

The latest acquisition from Messrs. Chen and Reckord increases Secure shareholding in tTech to 69.1%, representing 73,229,223 shares. Simply Secure is owned by Kevin Gordon and Rob Mayo-Smith.