Scotia going private

According to Jamaica Observer (General News), Scotia Group Jamaica Limited (SGJ) is set to become a private company in the coming months as minority shareholders on Wednesday approved an offer by Scotiabank Caribbean Holdings Limited (SCH) to acquire their shares for $63.50 billion (US$397.84 million). The decision was taken at an extraordinary general meeting (EGM) called by the financial conglomerate at AC Hotel Kingston under a scheme of arrangement as directed by the Supreme Court of Jamaica. At the meeting, minority shareholders were asked to vote on the offer by SCH to purchase their shares for $75 per share and take the company private. The vote was reviewed by scrutineers PwC Corporate Services (Jamaica) Limited. “The resolution was approved by a majority in number of the stockholders being 77 per cent holding 97 per cent of stock units voting in person or by proxy at this meeting, which means preliminarily, the vote has bee