Saturday, February 17, 2018

Does bylaw 8 legalise NCB’s offer?*

The Carnival period may have distracted some of the thousands of minority shareholders of Guardian Holdings (GHL) from the ongoing drama of the twice-delayed offer by Jamaica’s NCB group to take control of GHL, T&T’s largest insurance company.
Given the revelry, there are several aspects of this issue that have not received the appropriate ventilation.
The first was the statement by GHL director Arthur Lok Jack in an interview on January 28 with Express investigative reporter Asha Javeed that NCB’s offer had been over-subscribed, attracting subscriptions of up to 67 per cent. That statement by Mr Lok Jack was at least premature as it was made well before the original closing date of the offer, February 2. 

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