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JAM | Feb 5, 2025

JMMB Group set to vary terms of two maturing preference share issues

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JMMB Group head office.

Durrant Pate/Contributor

Jamaican-based regional financial holding company JMMB Group Limited has sought and received board approval for varying two Cumulative Redeemable Preference Share issues.

The Cumulative Redeemable fixed 5.75% USD Preference Shares 2018 and the Cumulative Redeemable 7.25% Variable Rate JMD Preference Shares 2018, which both expire next month, are being varied and extended.

The variation and extension were approved on Thursday, January 30 at the Board of Directors meeting, in accordance with the procedure set out in the Terms of Issue. 

Shareholders are expected to vote on the matter ahead of the adjustments taking effect. As such, notices advising of the date of meeting for the vote, location and time for each class of Preference shares will be sent in due course. 

Both tranches will be paid out on its maturity date of March 6 2025. The variation will result in the USD Preference Share issue being extended to mature on March 6, 2031, and carrying a new fixed coupon rate of 7.50% while the Variable Rate JMD Preference Share issue, maturing March 5, 2032, at the weighted average treasury bill rate plus 2.5% per annum.

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