Sunday, February 18, 2018

Mr Lok Jack, please advise*


Once again, on behalf of the Guardian Holdings Limited (GHL) minority shareholders, I am persuaded that kudos are in order for the hard-working men and women of the Securities Exchange Commission (SEC) for the crucial role they played in ensuring that the NCB Financial Group’s (NCBFG) US$2.35 per share take-over bid for GHL via its wholly-owned subsidiary NCB Global Holdings Ltd (NCBGH), was not allowed to close last Friday but instead further extended until February 23, pending the completion of SEC’s investigation into several alleged breaches of the Securities Industry (take-over) by-laws.
However, this may be just the beginning of a litany of self-inflicted woes facing the Jamaican banking giant since only last Friday, it came to my attention that a notice/advisory was posted by NCBFG on the Jamaica Stock Exchange (JSE) which states “We advise that as at close of day on January 30, we are aware that the total number of shares tendered together with those already held by NCB Global Holdings Limited would amount to 67 per cent of the issued and outstanding shares in GHL. 

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