The following is a statement by JMMB Group Limited on the suspension of trading of particular classes of preference shares:

“As has been a customary part of our Tier 2 capital management strategy, JMMBGL has historically issued new preference shares, by way of a prospectus, upon the maturity of existing preference shares.

Now, with the approaching maturity of these named preference shares, we are moving to employ a more efficient approach that seeks to provide a win-win for all, that of extending the terms of the existing shares, as opposed to going through the time-consuming and administratively inefficient process of issuing new preference shares.

Issuing new shares requires investors to go through the often-arduous task of completing and submitting the requisite application forms and supporting documentation, to apply for new shares. Simply voting for an extension of the existing terms, both eliminates that need, all while empowering preference shareholders to receive competitive returns on their investment.

As such, on February 6, the board of directors passed a resolution to suspend trading of the captioned tranches at end of trading day on February 18 until end of trading day on March 6.

The purpose of the suspension is to enable the following:
(i) To facilitate payment of redemption payments in respect of the following classes of preference shares, which are to be redeemed on March 6, 2025:

a. Cumulative redeemable 5.50 per cent USD preference shares 2018
b. Cumulative redeemable 7.00 per cent variable rate JMD preference shares 2018

(ii) To facilitate the issuing of notices of separate general meetings scheduled for March 3, for holders of the following classes of preference shares:

a. Cumulative redeemable 5.75 per cent USD preference shares 2018
b. Cumulative redeemable 7.25 per cent variable rate JMD preference shares 2018

The reason for the general meeting is for shareholders to vote in the affirmative to vary the terms of these classes of JMMBGL preference shares, which are slated for maturity on March 6. This extension will provide all preference shareholders with a more seamless way to continue to enjoy the attractive returns associated with this solid investment.

The JMMB Group’s financial results reflect not only the strong performance of the organisation, but also our ability to enhance shareholder value through investments that provide superior returns.  We remain committed to executing on our strategy, investing for growth in new businesses and opportunities and believe we are well-positioned to continue to deliver higher and more sustainable returns for our stakeholders. The JMMB Group remains a solid regional integrated financial services group of companies whose continued growth and expansion, including our most recent entry into Barbados, via the opening of our subsidiary offices in a fourth Caribbean nation, is a testament of our proven track record of success.”