Durrant Pate/Contributor

Several changes are coming to Ciboney Group, which was bought last year by Wiltshire Consulting and Advisory Limited, having been on the market for more than 20 years.

Among the changes to the shell company, which sold off all its tangible assets several years ago, will be a name change to Innovative Energy Group Limited. Interestingly, Wiltshire nominated its wholly owned subsidiary, IEC Energy Company Limited, to hold and own the shares in Ciboney, which continues to operate in name only and its stocks still traded on the Jamaica Stock Exchange.

Another change coming is that the maximum number of shares that the company is authorised to issue has been increased from 546-million ordinary shares of no-par value to an unlimited number of ordinary shares of no-par value.

Proposed subdivision of the existing shares

This is being done in order to facilitate the proposed subdivision of the existing ordinary shares in the capital of the company. In addition, the existing Articles of Association and Memorandum of Association have been cancelled while the Articles of Incorporation have been adopted in substitution therefor.

These changes were approved by shareholders attending the annual general meeting (AGM) on December 6, 2023, which was held in a virtual format. The AGM also approved a resolution for directors, Wayne Wray, Kyle Davy, and Conley Salmon, retiring by rotation pursuant to Article 90 of the Company’s Articles of Association, to be re-elected as directors of the company.

Auditors Crichton Mullings & Associates, Chartered, having agreed to continue in office, was reappointed until the conclusion of the next AGM at a remuneration to be fixed by the directors of the company.