Supreme Ventures Limited (SVL) has advised that the Board of Directors will convene a meeting on Thursday, November 5, 2015 to consider the payment of an interim dividend.

Dolphin Cove Limited (DCOVE) has advised that the Board of Directors declared the payment of an interim dividend of $0.15 per share, payable on October 29, 2015, to shareholders on record as at October 14, 2015. The ex-dividend date is October 12, 2015.

National Commercial Bank Jamaica Limited (NCBJ) has announced that on September 22, 2015 NCB Capital Markets (Barbados) Limited was registered by the Financial Services Commission (FSC) in Barbados to conduct business in Securities Company, Dealer, Underwriter and Investment Advisor.

As part of the NCB Group’s strategy to diversify and grow revenues through regional expansion, NCB Capital Markets Limited (NCBCM) is to establish an office in the eastern Caribbean island of Barbados and is awaiting a securities dealer license by the Barbados Financial Services Commission.

The Company will trade as NCB Capital Markets (Barbados) Limited and its establishment follows on the heels of NCBCM’s acquisition of AIC Finance Limited, now NCB Global Finance Limited in Trinidad and Tobago and the refocusing of its Cayman subsidiary, NCB Capital Markets (Cayman) Limited as a regional offshore wealth management hub.

Steven Gooden, Chief Executive Officer at NCBCM noted that the Barbados operation will serve as an investment banking hub for the eastern Caribbean.  Mr. Gooden also pointed out that “it was an opportune time to invest in Barbados as the country is currently going through a period of economic recovery and the government has been seeking public-private sector partnerships to help drive economic activity.”

“A number of regulatory changes are taking place, which collectively augurs well for us having an operation there at this time. NCBCM is already pursuing several opportunities in Barbados. We have recently won a mandate, through our Cayman office, to finance an important 153-bedroom beachfront condominium/hotel project in Barbados, and we are in active discussions on a number of other potential deals,” Mr. Gooden indicated.

NCBCM is now entering phase two of its regional expansion initiative, which will involve enhanced integration of the company’s operations in current markets and the expansion into new ones. This, Mr. Gooden said, will see the positioning of the Trinidad and Tobago operation as an investment banking hub for the southern Caribbean  including Guyana, Suriname and the ABC Islands - Aruba-Bonaire-Curacao.

He also mentioned that NCB Global Finance is in the process of applying for a securities dealer license to complement its current merchant bank operations. The integration and expansion will also benefit existing Jamaican clients seeking to conduct fundraising across the region or simply expand their own operations.

Stating that NCBCM is still exploring other markets, Mr. Gooden said that there is interest in Spanish-speaking countries in the region. “Collectively, they have a population exceeding 80 million people and we are seeking to invest in economies that are growing and have capital markets with relatively low product penetration,” he added.

NCBCM (Barbados) was incorporated on May 27, 2015 and will be located along one of Barbados’s major thoroughfare in Worthing, Christ Church.

On September 23rd 2015, the Executive Board of the International Monetary Fund (IMF) completed the ninth review of Jamaica’s economic performance und er the four year Extended Fund Facility (EFF).Following the review, the government of Jamaica was successful in passing the 9thquarterly test which will enable the disbursement of US$39.7Mn. The IMF continued to express positive sentiments regarding the progress made under the program and indicated that performance is on track and structural reforms have progressed broadly on schedule. With macroeconomic fundamentals strengthening, such as inflation being at a historical low and the current account improving, these factors have created the platform for more favorable perception and confidence in the sovereign. Progress towards meeting the debt target was fast-tracked in the recent Petrocaribe debt buyback. However the IMF was quick to point out that growth remains weak and unemployment needs to decrease further.

All the quantitative performance criteria were met and structural reforms were broadly on schedule. The central government’s primary balance target was met as higher tax receipts and lower than-projected capital expenditures overcompensated for a slight overrun in program spending and lower non-tax revenue and grants. Primary balance at June 2015 stood at $20.4Bn relative to the IMF target of $17.0Bn. Tax revenues exceeded budgetary expectations with favorable performances of corporate, excises and sales taxes, offset underperforming grants and non-tax revenue. Tax revenues were $95.4Bn relative to IMF floor of $88.0Bn. Structural targets such as the transition of the retail repo contracts to a trust-based framework were completed. The structural conditionality on tabling in Parliament a bill to strengthen the Customs Act has been met, as well as the structural benchmark for transitioning the retail repos to the Trust.

The IMF indicated that risks to the program remain high. Notwithstanding the authorities’ demonstrated resolve in implementing the program, more tangible signs of improvements in growth and job creation will be important to sustain the social consensus needed to continue on the reform trajectory. Revenue shortfalls or the inability to contain the government wage bill could undermine the fiscal position. An eventual reopening of the domestic bond market may prompt an upward shift in the yield curve and undermine financial sector stability. The run up to elections, which should be held before end-2016, could also potentially delay progress on program implementation and reform momentum if unbudgeted expenditures arise.

LIME has advised that Mr. Christopher Dehring has resigned as a Director and Chairman from the Cable & Wireless Jamaica Limited Board effective 30 September 2015. Cable & Wireless Jamaica Limited further advises that Mr. Mark Kerr-Jarret will be appointed as the next chairman.

Radio Jamaica Limited wishes to use this medium to provide an update to all its shareholders, whether in attendance or unavoidably absent from our Annual General Meeting on Tuesday September 15, 2015, on the recently announced proposed amalgamation with the media business of the Gleaner Company.

You are aware that the Boards of Radio Jamaica and Gleaner Company authorised the signing of an agreement for the proposed amalgamation of the media business currently operated by the Gleaner Company with the existing media business of Radio Jamaica, by way of a court approved scheme. The amalgamation is conditional on the securing of approvals where required from regulators, your approval as shareholders, and that of the Gleaner Company shareholders, and the sanction of the Court.

The proposed scheme of arrangement for amalgamation is based on parity of values of Radio Jamaica and the media business (including cash and cash equivalents) of The Gleaner Company, pursuant to a valuation carried out on each, by a qualified valuer. The valuation was done for these purposes and the scheme will involve the transfer of the issued shares of The Gleaner Company (Media) Limited (the entity to which the media business of The Gleaner Company will be hived off) to Radio Jamaica, in exchange for the allotment to the shareholders of The Gleaner Company of an equal number of Radio Jamaica shares to those held by Radio Jamaica shareholders at the time of the allotment. The scheme involves an increase in the number of Radio Jamaica shares to the same number of shares in The Gleaner Company. Radio Jamaica will then increase its shares by the number of Radio Jamaica shares then existing and these shares will be allotted directly to The Gleaner Company shareholders in exchange for the shares in The Gleaner Company (Media) Limited on the sanction of the scheme by the Court.

The Company has been in communication with The Jamaica Stock Exchange, The Financial Services Commission, The Broadcasting Commission and The Fair Trading Commission and the current position is as follows:

The Jamaica Stock Exchange has reviewed the proposed amalgamation and acknowledged that the proposed amalgamation does not require a take over offer to be made pursuant to the Jamaica Stock Exchange Rules. The Financial Services Commission has also been provided with the documents relating to the proposed amalgamation.

The Broadcasting Commission has been provided with a copy of the signed agreement for review. We understand that on September 29, 2015 there will be a meeting of the Commission to consider the matter of the proposed amalgamation.

The Fair Trading Commission has been provided with a copy of the signed agreement and the Company awaits their advice with respect to any authorisation which they may consider to be required.

As soon as the Company receives the appropriate responses from these agencies an application will be made to the Court to set a date and time for the

Extraordinary General Meetings of both The Gleaner Company and Radio Jamaica. The approval of the shareholders of both Radio Jamaica and the Gleaner

Company at extraordinary general meetings of these companies to be convened by the order of the Court, is required in order for the proposed scheme to be implemented. At these separately held meetings the shareholders of each of The Gleaner Company and Radio Jamaica will be asked to consider, and if thought fit, approve the scheme of arrangement for amalgamation.

Once the Court has set the date for the holding of the Extraordinary General Meetings each of the Companies will provide full details of the proposed amalgamation to all of our respective shareholders, by way of the Explanatory Statement required under the Companies Act which will include Fairness Opinions and Valuation Reports, financial information, and the proposed scheme, and will provide for inspection of these and other documents which are material to the scheme.

Jamaica Public Service Company Limited (JPS) has advised that the Board of Directors approved payment of US$0.713150685 per share to holders of Class F Preference shares on record as at September 25, 2015, payable on September 30, 2015. The ex-dividend date is September 23, 2015.

Gleaner Company Limited (GLNR) has advised the Board of Directors declared the payment of an interim dividend of $0.04 per share, payable on October 28, 2015, to shareholders on record as at October 1, 2015. The ex-dividend date is September 29, 2015.

JMMB Group Limited (JMMBGL) has advised that the Extraordinary General Meeting held on Wednesday, September 16, 2015 had 100% of the members present in person or by proxy at the meeting. They also advised that voting at the meeting approved the resolution for the issuance of six (6) billion Cumulative Redeemable Preference Shares.

Dolphin Cove Limited (DCOVE) has advised that at a meeting scheduled for Monday September 28, 2015 the Board of Directors will consider the payment of a dividend.