Company moving to redeem shares in accordance with March 2019 prospectus

Lubricants manufacturer and distributor Paramount Trading will tomorrow delist from the local stock market its 8.75 per cent cumulative redeemable fixed rate preference shares, due 2021.

In furtherance of the delisting, the company will also redeem the preference shares, priced at J$2.00 each. In a news release posted on the website of the Jamaica Stock Exchange (JSE), where the shares are traded, Paramount advised that the directors of the company can confirm that the preference shares will be redeemed and delisted on April 12, 2021.

This is being done in accordance with the original terms of issue & prospectus dated March 21, 2019 as well as the resolutions of the company’s board of directors’ meeting held last Thursday April 1, 2021. In addition, the action is being taken subject to Rule 411(B) of the JSE Rules.

“Accordingly, the said preference shares will be suspended from trading following market close on April 8, 2021 (tomorrow) and all redemption payments for the preference share will be made to holders by the Registrar to the Company, Jamaica Central Securities Depositary (JCSD) on or after the maturity date, which is the April 12, 2021,” Paramount Trading states in its news release.

The company has advised that it has also applied to the JSE to have the preference shares delisted.