Derrimon Trading Co. Ltd (DTL) has advised that there will be three (3) Special Business Resolutions which is being placed forward for consideration at DTL’s Annual General Meeting on August 22, 2018:

Resolution # 5 – Increase of Authorised Share Capital  

“That the authorized share capital of the Company be increased from 800,400,000 shares to 8,200,400,000 shares by the creation of an additional 7,400,000,000 ordinary shares each ranking pari passu in all respects with the existing ordinary shares or stock units in the capital of the Company.”

Resolution 6 – 10:1 Stock Split

“That each of the issued ordinary shares in the capital of the Company be subdivided into 10 ordinary shares with effect from the close of business on August 22, 2018 resulting in the total issued shares in the capital of the Company being increased from 273,336,067 ordinary share of no par value to 2,733,360,670 ordinary shares of no par value.”

Resolution 7 – Conversion of Ordinary Shares to Stock Units

“That all ordinary shares in the capital of the Company once issued and allotted as of the date hereof and at any time hereafter be and are hereby converted into stock units.”

Stocks and Securities Limited has completed a block transfer of shares totaling 215,978,588 units. Shares have been transferred to Stocks and Securities Limited from two C2W Music Limited (MUSIC) directors, bringing Stocks and Securities Limited total ownership to 320,000,000 units or 80% of total issued shares.”

138 Student Living Jamaica Limited (138SL) has advised that Mr. John Lee has resigned from the position of Chairman of the Board of 138 Student Living and its subsidiary effective July 6, 2018, and Mr. Richard Byles has been simultaneously appointed to the Board and will take-up the position of Chairman of the Company, effective the same date.  138 SL has further advised that Mrs. Donnette Scarlett has also reigned from the Board effective July 6, 2018 and her position as Director will be assumed by Mr. Richard Byles.

“Mr. Lee will remain as a Director of the Board.  Mr. Lee is of the belief, that having held the position of Chairman since the inception of the project in July 2013, now 5 years, it is important for the company to have new leadership facilitating renewal on a regular basis and accordingly has vacated that position. During his five year tenure Mr. Lee and his Board conceptualized the project, negotiated 2 Concession Agreements and constructed and commenced operating 1,800 beds on the University of the West Indies Mona Campus.

“The Board wishes the express it sincere gratitude for the leadership and stewardship of the company by Mr. Lee during his five-year tenure and looks forward to Mr. Lee’s continued contribution on the board. In addition, the Board and Management of 138 Student Living look forward to the leadership of Mr. Byles, one of Jamaica’s most iconic business leaders,” states 138SL.

Source: JSE

Sterling Investments Limited (SIL) has advised that a director purchased 10,000 SIL shares on July 5, 2018, under the Company’s Complementary Share Purchase Plan.

Supreme Ventures Limited (SVL) has advised that a meeting of their Board of Directors will be held on Monday, July 23, 2018, at 10:30 am, to consider the payment of an interim dividend.

Sagicor Group Jamaica Limited (SJ) has advised that a Senior Officer and a connected party sold a total of 62,661 SJ shares during the period June 29 to July 2, 2018.

(Bloomberg) -- IMF releases statement by email on Trinidad & Tobago economy.

- Economy expected to return to 1.5% growth over medium term helped by energy projects coming online and recovery in the non-energy sector

- The economy improved in 2nd half of 2017 on a strong recovery in gas production

- GDP contracted 2.6% in 2017, 6.1% in 2016

- Fiscal deficit expected to narrow to avg of 4%/GDP as energy revenues rise

- Fiscal performance improved on spending cuts in 2017

- Total public debt reached 61%/GDP

- Risks include lower energy prices, disruptions in energy output, implementation of the reform of oil and gas tax regime

- IMF urges fiscal adjustments over the medium term to create fiscal space for future commodity shocks and put debt on a downward trajectory

The Stanley Motta Limited Initial Public Offering Prospectus and Investor Presentation are available for viewing.