Saturday 24 October, 2020

Jamaican Teas stock split back on the table

The Jamaican Teas stock split, which was to be actioned in April 2020, is now set for November 30, 2020. 

The Jamaican Teas stock split, which was to be actioned in April 2020, is now set for November 30, 2020. 

Jamaican Teas has revived its motion for a three-to-one stock split, having previously delayed as a result of emerging market conditions. 

The stock split is to be put to the company’s shareholders for their approval at a continuance of the annual general meeting set for November 17. This meeting is to be followed by an extraordinary general meeting on the same day, a notice from the company indicated. It was initially to be actioned in April 2020.

More buoyant market conditions have become apparent since September 2020, when Barita Investments Limited raised $13.5 billion in its APO offer and Tropical Battery Limited executing a successful IPO.

The new Jamaican Teas stock split is the third one to be pursued by the company since listing in the Junior Market of the Jamaica Stock Exchange in 2011.

In April 2017, Jamaican Teas shareholders approved a two-to-one split of the stock. This followed another split in 2016 when authorised share capital was increased from 250 million shares to 500 million shares and the issued shares were increased from 168,708,365 to 337,416,730.

Issued shares for the company now total 698,283,459.

Price per stock unit closed at $5.08 each on Friday, October 9, 2020, with 2.44 million shares traded on the market that day.
 

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