JMMB Extends 2016 Preference Shares Due January 2024 by 6 Years

• At JMMB’s general meeting held on December 13, 2023, shareholders of Preference Shares due January 14, 2024, reached a resolution to extend the maturity date for two out of the four classes of the maturing preference shares.
• The cumulative redeemable 7.50% variable rate JMD preference share class is to be extended to January 14, 2030. Under the new arrangement, a revised fixed interest rate of 9.5% will be applicable for the first year, followed by the 180-day weighted average treasury bill yield (WATBY) plus 2.5%, capped at 6% thereafter. The new International Securities Identification Number (ISIN) assigned to the share is JMMBGL9.50.
• Similarly, the cumulative redeemable 6.00% USD preference shares class is to be extended to January 14, 2030, and the fixed interest rate will be increased to 8.5%. The new ISIN is JMMBGLUSD8.50.
• However, the proposed extension for both the Cumulative Redeemable 7.25% Variable Rate JMD Preference Shares and the Cumulative Redeemable 5.75% USD Preference Shares were not approved. Consequently, these shares will be delisted from the Jamaica Stock Exchange and paid out on January 12, 2024.

(Sources: JSE & JMMB)