Eligible 1834 shareholders will get RJR shares within seven days
The way is now clear for the amalgamation of Jamaica’s largest media company, RJR Group, and the Gleaner spin-off investment and real estate entity, 1834 Investments Limited, with the Supreme Court of Jamaica on Thursday (November 24) approving the merger.
On August 10, 2022 shareholders of 1834 Investments Limited approved a Scheme of Arrangement, whereby 1834 Investments and RJR Group would be amalgamated. Following that approval, both companies sought an order from the Supreme Court sanctioning the Scheme of Arrangement.
In a joint statement, it was announced that the Scheme of Arrangement has been sanctioned by the Supreme Court with the intention to file the court order sanctioning the Scheme of Arrangement with the Registrar of Companies shortly after it is issued by the Supreme Court. Upon the filing of the court order, the Scheme of Arrangement will become effective with all shares in 1834 Investments being cancelled.
“Shareholders who elected to receive shares in RJR as consideration will have these issued within seven days of the court order being filed, and those who elected cash consideration will receive payment within 14 days of the filing. On filing, all the assets and liabilities of the company will be assumed by RJL, and the amalgamation will be complete,” the statement read.
New look RJR to be much stronger
Commenting on the transaction, RJR’s Gary Allen said: “By bringing together these two iconic companies through this transaction, we are creating a strong platform for the new RJR to address the challenges and opportunities of the digital media sphere. We have the utmost respect for 1834’s business and greatly look forward to unlocking additional value for shareholders through the integration of the two companies.”
For her part, Monica Ladd, director of 1834 Investments, responded: “While it is bittersweet to say goodbye to 1834 Investments as we knew it, we are thrilled about the unique opportunities this amalgamation will create for those who have chosen to participate in the new RJL and we are pleased that the transaction offered significant cash value to our shareholders who decided to choose that option.”
1834 Investments Limited (formerly The Gleaner Company Limited) is a locally incorporated and domiciled holding company for a portfolio of domestic and international investment assets. The company’s main activity is the management of its income generating real estate, bond and equity investments, and the management of its joint venture and subsidiary companies.
RJR is incorporated and domiciled in Jamaica with its primary activities, through its various subsidiaries, being the operation of an ‘over-the-air’ television station, three cable television channels, four radio stations and the publication of news and information in print and digital media formats on multiple platforms to global audiences.