C&WJ Co-operative Credit Union reports success in share buy-back programme
/ Our Today
administrator
Durrant Pate/Contributor
Jamaica’s solely listed credit union, Community & Workers of Jamaica Co-operative Credit Union Limited (CWJCCU) has purchased just over 16 million shares on the local market in a very successful shares buy-back programme.
The shares amounting to 16,273,213 were purchased on various dates between December 14, 2021, and June 6, 2022. The source of funding for the shares buy-back was cash on the credit union’s balance sheet.
The shares were repurchased on the open market via our broker. The primary reason cited for the shares buy-back programme is to “unlock shareholder value by purchasing at a price that is at a significant discount to our book value per share consistent with the strategy previously disclosed.”
The Share Buy-Back programme continues up to 10 per cent of CWJCCU’s 7.35 per cent deferred shares in issue as stated in its Notice dated November 12, 2021.
The date and amount of shares bought back are as follows:
| Name | Volume of shares traded | Trade date | |
| 1 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 4,023,198 | Dec 14, 2021 |
| 2 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 232,117 | Dec 16, 2021 |
| 3 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 171,874 | Dec 20, 2021 |
| 4 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 250,000 | Dec 21, 2021 |
| 5 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 574,884 | Dec 24, 2021 |
| 6 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 1,093,578 | Dec 27, 2021 |
| 7 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 140,626 | Dec 28, 2021 |
| 8 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 271,324 | Dec 29, 2021 |
| 9 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 199,598 | Dec 30, 2022 |
| 10 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 513,886 | Dec 31, 2022 |
| 11 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 11,219 | Jan 3, 2022 |
| 12 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 1,000 | Jan 10, 2022 |
| 13 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 10,000 | Jan 11, 2022 |
| 14 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 217,269 | Jan 12, 2022 |
| 15 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 105,507 | Jan 19, 2022 |
| 16 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 166,224 | Jan 20, 2022 |
| 17 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 3,250,000 | Jan 25, 2022 |
| 18 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 3,893,264 | Feb 18, 2022 |
| 19 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 3,345 | May 2, 2022 |
| 20 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 2,428 | May 11, 2022 |
| 21 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 105,070 | May 24, 2022 |
| 22 | Community and Workers of JA Co-op Credit Union Ltd (Buy-Back) | 1,036,805 | Jun 6, 2022 |
| Total | 16,273,216 |
Comments