Durrant Pate/Contributor

Having acquired majority shares in the Jamaican-based technology company, tTech Limited (tTech), the Florida-based Simply Secure Limited has made a formal takeover of the company.

This is being done in compliance with the Take-Over Rules of the Securities Regulations and the rules of the Jamaica Stock Exchange. The formal takeover offer is to acquire 32,770,777 of the issued and outstanding shares in the company. 

Simply Secure has already acquired 73,229,223 tTech shares amounting to 69.1% of the company’s 106,000,000 issued ordinary stock units through a series of acquisitions at a price not exceeding J$2.20 per share, thereby acquiring control of the company on November 16, 2024. 

Notification to tTech Board

Simply Secure advised tTech’ Board of Directors on December 12, 2024, of its intention to make this offer to all tTech shareholders to acquire their remaining 32,770,777 tTech shares. These shares amount to 30.9% of the issued ordinary stock units. 

In July this year, the Fort Lauderdale-based managed security services provider, acquired from Messrs Chen and Reckord 52,012,834 tTech shares, representing 49.1% of the company’s equity. Two months later, Simply Secure increased its equity in the Jamaican IT firm, acquiring a further 20% equity or 20,719,366 shares, making it the majority owner.

This latest acquisition from Chen and Reckord increases Secure shareholding in tTech to 69.1%, representing 73,229,223 shares. Simply Secure is owned by Kevin Gordon and Rob Mayo-Smith.