JMMB Group CEO Keith Duncan

JMMB Group hopes to secure at least $10 billion in capital to acquire a majority stake in regional insurance provider, Sagicor Financial from its additional share offer which opens next Tuesday, October 22. JMMB will offer an additional 266 737,797 ordinary shares at $38 to JMMB shareholders and $38.75 for non-existing shareholders. The shares will be apportioned between key investors: 150,000,000; existing shareholders: 80,000,000; and non-reserved share applicants: 36,737,797. The offer closes on November 7 with a minimum purchase of 300 new ordinary shares. JMMB, however, has the option to upsize the share offer to 325 million, ultimately increasing shareholding in the company by 20 per cent. JMMB’s offer of the shares in Jamaica will be followed by the opening of the share offer in Trinidad and Tobago on October 25, 2019. The financial institution currently has 1.6 billion units in circulation. Funds raised from the share offer will be used by JMMB to acquire a US$250 million stake in Sagicor Financial from Canada based Alignvest. Once acquired, JMMB plans to list the insurance giant on the Toronto Stock Exchange via an existing shell listing for this specific purpose. “The use of such net proceeds will be consistent with our growth strategy, which includes organic expansion and diversification through investment in other entities, whether by acquisitions or strategic investments. We are confident in our ability to deploy the proceeds of this Invitation into areas that have a strong potential to grow profit materially,” JMMB said. JMMB noted that it will acquire Sagicor at a discount to its peers including both on a price to earnings and a price to book value. The peers include Sun Life Financial, Great West Life Co, Industrial Alliance and Manulife Insurance. JMMB’s acquisition of a US$250 million stake in Sagicor Financial would give the company a 22 per cent stake in Sagicor. The group chairman Archibald Campbell estimates that the acquisition would increase JMMB’s 2019 earnings from an estimated US$27 million to US$45 million with increases thereafter. On May 16, 2019, the JMMB Group announced a subscription for an amount between US$200 million and US$250 million in Class B shares of Alignvest Acquisition ll Corporation, a publicly-traded special purpose acquisition corporation listed on the Toronto Stock Exchange for the purposes of completing a qualifying acquisition. The Class B Shares will be automatically converted into common shares of Alignvest on the closing the acquisition and a single resulting entity “New Sagicor” will be born. SFC is a leading financial services provider in the Eastern Caribbean, Trinidad and Tobago, and Jamaica with growing presence as a provider of life insurance products in the United States. “This investment is expected to continue to diversify our revenue streams both from a business line and geographic spread perspective and is anticipated to result in a material growth in our profits attributable to ordinary shareholders,” the company said.

British Prime Minister Boris Johnson, centre, is greeted by Luxembourg's Prime Minister Xavier Bettel, centre left, during a round table meeting at an EU summit in Brussels, Thursday, Oct. 17, 2019. Britain and the European Union reached a new tentative Brexit deal on Thursday, hoping to finally escape the acrimony, divisions and frustration of their three-year divorce battle. (AP Photo/Frank Augstein).

British Prime Minister Boris Johnson's career of disdain for the European Union (EU) was a thing of the past on Thursday as he and the bloc's leaders celebrated their long-sought Brexit deal. He now faces an opponent closer to home: his own Parliament. With the ink barely dry on the proposal and Johnson still happily backslapping EU leaders at a summit in Brussels, a chorus of British party leaders said they would vote against the deal. Crucially, the Northern Irish party that supports Johnson's minority government also stood opposed, leaving the prime minister uncertain of getting the votes he needs to ratify the agreement. After an intense week of talks and with only two weeks to go until Britain's scheduled departure on Oct. 31, European Commission President Jean-Claude Juncker broke the tension with a tweet Thursday morning: "We have one! It's a fair and balanced agreement for the EU and the UK and it is testament to our commitment." The deal found a way to avoid a hard border between Ireland, an EU member, and the U.K.'s Northern Ireland. It crucially also lays a path for Britain's orderly departure, which Britons approved in a referendum more than three years ago. European leaders unanimously endorsed the proposal on Thursday, formally sending it to the British Parliament, which will consider it in a special session Saturday. Johnson, who has lost almost every important vote in Parliament since taking office in July, said he was confident he would succeed where his predecessor did not — Theresa May's proposal was voted down three times in Parliament. "This is a great deal for our country. I also believe it's a very good deal for our friends in the EU," Johnson told reporters in Brussels. "There is a very good case for MPs across the House of Commons to express the democratic will of the peopleas we have pledged many times to do and to get Brexit done." But it was shaping up to be a struggle. All the major opposition parties condemned the agreement, and Johnson's key ally, Northern Ireland's Democratic Unionist Party, also said its lawmakers would oppose it. "It seems the prime minister has negotiated an even worse deal than Theresa May's, which was overwhelmingly rejected," Labour Party leader Jeremy Corbyn said. Many opposition lawmakers want to oppose the deal and then seek to delay Brexit until there has been an election, a new referendum or new negotiations. Last month Parliament passed a law ordering the government to seek an extension to the Brexit deadline if Parliament doesn't approve a deal by Saturday. But Juncker appeared to rule out any new postponement, leaving British lawmakers with a simple choice: deal, no deal or revoke Brexit. "If we have a deal, we have a deal, and there is no need for a prolongation," he said. The ultimate decision on any extension, though, does not rest with Juncker. It's a decision for the other 27 EU countries. Johnson's 10 Downing Street office put it even more succinctly with the mantra: "New deal, no deal — but no delay." Johnson began his career as a Brussels-based journalist spinning exaggerated tales of EU excess for British readers, and as a politician helped lead the campaign to take Britain out of the EU, but that acrimony was nowhere in sight on Thursday. Instead, relief was palpable in Brussels as leaders happily mingled in the summit room of the Europa building, which often been ground zero for European crises. Johnson cheerily saluted French President Emmanuel Macron, who responded with the heartiest of handshakes. The jubilation soon turned bittersweet, with EU leaders bemoaning the impending loss of a major member state — a military, economic and diplomatic juggernaut that had joined 46 years ago. "In my heart I will always be a Remainer and I hope that our British friends decide to return one day," European Council President Donald Tusk said, using the nickname for people who supported keeping Britain in the EU. "Our door will always be open." EU Brexit negotiator Michel Barnier said he and his fellow Frenchmen would not forget "Britain's solidarity during the darkest hours," a reference to their alliance during World War II. The pound hit a five-month high against the U.S. dollar on news of a Brexit deal, then sank back as traders heard Johnson'sNorthern Irish allieswere still unhappy with the way the deal handles the border between Ireland and Northern Ireland — the only land border between the U.K. and the bloc and long one of the thorniest issues of any exit. The new proposal is broadly similar to the 585-page withdrawal agreement that May hammered out, with the only major changes on the Irish border issue. The agreement must also still be formally approved by the bloc and ratified by the European Parliament. That could happen as early as next week when it meets in Strasbourg, and is expected to be little more than a rubber stamp. The deal agreed Thursday will be legally binding if approved — but it doesn't cover the all nitty gritty of future relations between the U.K. and the EU. It merely lays out the terms for withdrawal, while leaving the details of trade and other issues to future negotiations. The only issues that leaders felt they couldn't put off and had to hammer out ahead of a U.K. exit were the thorniest ones: how to address the Irish land border and the rights of British and EU citizens living in each other's territories. The deal gives the two sides a grace period to work out other details by keeping relations as they are until the end of December 2020. The key hurdle was finding a way to keep goods and people flowing freely across the Irish border after Brexit. That invisible, open border has underpinned the region's peace accord and allowed the economies of both Ireland and Northern Ireland to grow. Johnson insists that all of the U.K. — including Northern Ireland — must leave the bloc's customs union, which would seem to make border checks and tariffs inevitable. Barnier said the deal "squares this circle" by leaving Northern Ireland inside the EU single market for goods — so border checks are not needed on the land border on the island of Ireland. Instead, customs checks will be carried out and tariffs levied on goods entering Northern Ireland from Britain that are destined for the EU. That effectively means a customs border in the Irish Sea between the islands of Ireland and Great Britain — something the British government long said it would not allow and something Northern Ireland's Democratic Unionist Party vehemently opposes. "The deal as he has agreed it with the European Union is not a deal that we can recommend to the people of Northern Ireland," said DUP leader Arlene Foster. "We have come to the conclusion — sadly come to the conclusion — that we won't be able to support the prime minister's deal."


Entertainers Spice and Ding Dong at the 20th anniversary celebration of Magnum at Mas Camp in St Andrew on Wednesday. (Photos: Marlon Reid)

It was fun, laughter and frolic as Magnum Tonic Wine celebrated 20 years in the Jamaican market at Mas Camp in St Andrew on Wednesday. Magnum has defined itself as the signature drink of dancehall music and the dancehall aficionados were out in full force. The tonic wine brewers were in a generous mood and gave away $200,000 in trivia prizes to random patrons. That was just the start of the giveaways Magnum has in store for its loyal customers. According to Magnum Tonic Wine Managing Director, Marsha Lumley, Magnum will be giving away $400,000 at three road shows to be held across the island before the end of the year. “There will be three town shows and we will be giving away $400,000at each event to 20 persons. In addition we will be giving away $10 million,” Lumley told Loop News. Lumley also said Magnum will be giving away $20 million across the island as they celebrate their 20th birthday. Wednesday night’s giveaways were fun. Master of Ceremonies Triple X was in his element as he willingly gave money to those patrons brave enough to get on stage and dance to the dancehall music from two decades ago. One woman who journeyed from Paris, France was all the rage as she strutted her stuff to Lady Saw’s 'I Got Your Man' and outdid the Jamaican women with her natural swag. She got $10,000 for her efforts. The woman also had her first taste of Magnum Tonic Wine at the behest of Triple X much to the delight of the promoters and patrons after she confessed it was her first time consuming alcohol. Then there was the always sensuous Spice. Spice can do no wrong these days and she made sure to stamp her mark on the event which paid tribute to Jamaica’s dancehall culture. Ding Dong and his Ravers Clavers Crew were also in good nick and never missed a beat or a step. Dance Xpressions must also be commended for their routine drills that kept the audience spellbound. Magnum Tonic Wine has been a staple of dancehall and by the look of things will be a part of the entertainment bars in the country for another 20 years. [image_gallery]

Ras Goudie

Rising Rastafarian chanter Ras Goudieis making a name for himself on the entertainment scene. The chanter has been on the radar recently and has been releasing a series of singles that are turning heads. His latest effort, 'Naa Hear', is a call to the youth to stay wide of the negative influences and heed the advice of their parents and the more experienced. “This single is a warning to those who never hear their parents and will make wrong decisions. Girls don’t listen to their mothers and end up getting pregnant early, the youths don’t listen either and end up dead or in prison. All that could be avoided if the young people take good advice from their elders,” Ras Goudie said. The single has been gaining popularity and has been earning rotation on radio stations and in dances locally and abroad. “I have been in the music business for a while now but things are growing steadily and it is coming together. I am one who will not sell out my integrity just for money and bling. We have a duty as entertainers to inspire and lead the people through righteousness,” he said. Ras Goudie is also featured on the Rootz Revealers single, 'Rudeboy', and has penned all his lyrics to the songs, 'Tidal', 'Freedom Gun Thing', 'Devil Soup' and 'From You Gone'. “My ambition is simply to continue making good music that the whole family can listen to and appreciate and continue the works of the great pioneers of reggae who laid the foundation for us to carry on the baton,” he said.


Manchester United midfielder Paul Pogba.

The transfer window may be shut, but Paul Pogba's future is still making headlines. Pogba – who is set to miss the Premier League showdown against Liverpool on Sunday due to injury – reportedly eyed a Manchester United exit and a move to Real Madrid. A switch to the Santiago Bernabeu could be on the horizon after Pogba was snapped with Madrid coach Zinedine Zidane in the United Arab Emirates. TOP STORY – POGBA MEETS ZIDANE IN DUBAI Pogbahas been linked with a fresh move toMadridafter theUnitedstar was pictured withZidane, reports The Mirror. Pogba wanted to leave United during the previous window, with LaLiga giants Madrid and former clubJuventusthe two favourites to sign the Frenchman, but a move did not materialise. However, Pogba – recovering from a foot injury – was seen with Madrid head coach Zidane during his trip to Dubai, fuelling fresh speculation over his future at Old Trafford. ROUND-UP - According to 90min, United are monitoringParis Saint-GermainforwardEdinson Cavani. The 32-year-old Uruguay international is out of contract at this season's end and has been linked to Juve, Atletico Madrid and Inter Miami. -Interare chasing Brescia sensationSandro Tonaliand Atalanta'sDejan Kulusevski, says Calciomercato. Both players are 19 years of age and attracting interest in Serie A. - Calciomercato also reportsTottenhamare ready to sendChristian EriksentoJuventusin exchange forAdrien Rabiot. Eriksen's contract expires at the end of the season and has been linked to the likes of Madrid and United, while Rabiot only moved to Turin from PSG at the end of 2018-19. - Bayern Munich, Borussia Dortmund, United, Spurs and Inter have been credited with interest in Borussia Monchengladbach midfielderDenis Zakaria, according to Bild. -Manchester Cityhave emerged as favourites to sign Hearts teenagerAaron Hickey, claims the Daily Star.

Jamaica centre Samardo Samuels.

Jamaican Samardo Samuels is expected to join Athens-based club Panionios BC ahead of the new Greek Basketball League (GBL) season. The much-traveled 30-year-old former NBA player was recently back in the United States where he took part in the Big 3 league. Samuels represented the Trilogy. Prior to the move, the controversial player had found himself without a club, after being suspended by French basketball outfit Limogues following an argument with the coach. A string of short stints has followed the player since 2017 when he signed with Spanish club Real Betis Energia Plus. He parted ways with the club after a coaching dispute. Samuels then signed with Serbian club Partizan for the rest of the 2017–18 season. He was suspended by the club on November 15, for the violation of its discipline code, just a day after Partizan lost in a EuroCup game against Alba Berlin. The player reportedly criticized head coach Miroslav Nikolić and made inappropriate remarks to a female journalist.