JAM | Nov 24, 2023

‘New’ Ciboney schedules first AGM for December 6

/ Our Today

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Nigel Davy, executive chairman of newly acquired Ciboney. (Photo: Contributed)

Newly acquired Ciboney Group Limited will host its first annual general meeting (AGM) since the completion of the take-over process in which IEC Energy Company Limited became majority owner.

The AGM will be held on December 6, commencing at 10:00 am local time.

On July 3, IECEL gave notice of a firm intention to make an offer to acquire all the shares held by minority shareholders in the company, in accordance with the Securities (Takeovers and Mergers) Regulations, and the Take-over and Mergers Rules of the Jamaica Stock Exchange (JSE).  

The mandatory take-over bid for additional shares in Ciboney Group Limited closed on October 6 with no acceptances.  This AGM is the first meeting of shareholders since that process was completed.

The meeting which will be hosted in an entirely virtual format will provide shareholders with an opportunity to gain insights on the future of the company, its strategic direction and key developments as well as include changing the name of the entity, the election of directors and the appointment of auditors.  

The shareholders will have the opportunity to approve the change of name to “Innovative Energy Group Limited.” 

Further on the AGM agenda includes the tabling of resolutions to increase the share capital of the company, from 546,000 ordinary shares of no-par value to “No Maximum” ordinary shares of no-par value and for the adoption of the Articles of Incorporation.

A highly-competent board of experienced professionals, each with an enviable track record in multiple professional disciplines, including engineering, marketing, business development, finance and energy has been assembled, and committees appointed to oversee key strategic areas and ensure compliance with the JSE guidelines.  

Members of the team include, Nigel Davy as executive chairman; Donald Patterson as chairman of the audit and risk committee; Jennifer Davy as executive director; and non-executive directors Conley Salmon, Wayne Wray, Kyle Davy, Winston Watson, and Albert Gordon. 

Representing the executive, Nigel Davy said, “We have a vision of becoming a very profitable enterprise in the Caribbean and look forward to sharing this new direction with shareholders at the upcoming AGM.”  

The Ciboney executive chairman, who has over three decades of experience in the energy sector, expressed that he anticipates full support of shareholders who may now register their interest in attending the meeting virtually at, whereby voting may be also be carried out before or during the scheduled AGM and questions may be submitted. 

“The Ciboney Group Limited represents more than a mere acquisition; it’s the total transformation and renewal of a storied Jamaican company with a new focus, and a new commitment to delivering optimal returns to shareholders through systematically applying best practices to ensure a consistently high-value enterprise that is also mindful of the regulatory and social environment in which it operates. We are looking forward at ensuring a sustainable growth and development under the highest standards of corporate governance,” Davy stated. 


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