Surrendering shares is part of their preceding compensation arrangements

NCB Financial Group two top executives in Patrick Hylton and his deputy, Dennis Cohen have agreed to surrender shared held in the group.

Hylton is the president and group chief executive officer of NCB Financial Group while Cohen is the group chief financial officer and deputy chief executive officer. At last check, as at April this year, Cohen has 176.3 million shares of which 37.58 million shares are held by him directly and 138.77 million shares are held by connected parties.

Hylton, as at that date as well, owned 137.94 million shares of which 72.12 million are held directly and the balance of 65.81 million shares are held by connected parties.

NCB has advised that, “arising from an approved change to the compensation arrangements with president and group chief executive officer (Patrick Hylton) and group chief financial officer and deputy chief executive officer (Dennis Cohen), each of them agreed to surrender NCBFG shares held pursuant to the preceding compensation arrangement”.

This move has resulted in a significant reduction in the shareholding in NCB Financial Group for each, but their arrangements will continue to be aligned to the performance of the Group.

“The shares surrendered are now held by a custodian under an existing custodial arrangement under which shares are held for future distribution to executives (including Messrs. Hylton and Cohen),” NCB Financial Group advises.

NCB Financial Group Limited is a financial holding company, incorporated and domiciled in Jamaica. The Company is 51.73 per cent (March 31, 2020 – 52.46 per cent) owned by AIC (Barbados) Limited. The ultimate parent company is Portland Holdings Inc., incorporated in Canada.

Portland Holdings Inc. is controlled by Michael A. Lee-Chin, who is the chairman of the company. The company’s ordinary stock units are listed on the Jamaica Stock Exchange and the Trinidad and Tobago Stock Exchange.