Latest News

Lasco Manufacturing Limited (LASM) – Resignation of Non Executive Director Published: 06 June 2018

Lasco Manufacturing Limited (LASM) has advised that Mr. Colin Maxwell resigned from their Board of Directors, effective June 1, 2018.

“Mr. Maxwell’s decision was due to an increase in his personal work load which would not have allowed him to devote enough time to carry out his responsibilities as a director of the Company and as Chairman of the Audit committee,” LASM stated.

“Please note that there were no accounting or auditing issues that impacted Mr. Maxwell’s decision to resign as Audit Committee Chairman” LASM further stated.

 

CAC 2000 Limited (CAC) Appointment Published: 06 June 2018

CAC 2000 Limited (CAC) has advised that Ms. Gia Abraham has assumed her newly appointed position of Chief Operating Officer (COO) at CAC, in addition to her role of Director and Company Secretary.

In her new role, Ms. Abraham will be responsible  for the daily operation of the Company and will routinely report to the highest-ranking executive, CAC states. 

“‘Ms. Abraham is a seasoned financial executive with a deep knowledge of the company and our industry,” said Seven Marston, Chief Executive Officer of CAC 2000 Limited. “She has been instrumental in our development strategy and execution, and we are thrilled she will now assume this critical function.”

“With over 10 years experience in local and international corporate banking under her belt, Ms. Abraham welcomes the new challenge and has her eyes set  on further advancing her career.

“This is a great opportunity, I’m definitely looking forward to further growth within the Company and to strengthen the core of our team,” said Ms. Abraham. “As I assume this role I hope to drive our consumer impact within the industry by overseeing our ongoing business operations and working with the team to find solutions to better streamline our company.”

“In addition to her being a major force in driving software upgrades and improving the company’s  systems and procedures, she has played a key role in managing treasury and foreign supplier payments.

“On that same note, it was under her guidance and continued dedication that CAC, for its year ending October 2017, made record profits of 100.7 million – a whopping 862 per cent  more than the $10.5 million in the previous year,” states CAC.

Jamaica Broilers Group Limited – J$4.35B Loan to JBG Stockholders Nominee Limited to Purchase Shares in the Company Published: 01 June 2018

Jamaica Broilers Group Limited (JBGL) has advised that the Company has entered into an Agreement prior to the 28thday of April, 2018 to lend to JBGL Stockholders Nominee Limited (“the Shareholder Trust”) a sum not exceeding J$4.35B. A portion of the loan was used to purchase a total of 165,452,446 shares. This block of shares was held by family branches of one of the Founders of the Company and the trustees and entities connected to them; none of whom are currently involved in the management of the Company. For the avoidance of doubt Chairman Robert Levy and President Christopher Levy still maintain their current shareholdings in the Company.

The directors of JBGL saw this as an opportunity to provide a substantial benefit to the shareholders of the Company. Accordingly, the Directors of the Company approved the loan to the Shareholder Trust to purchase the available Company shares.

The Shareholders Trust will hold the shares purchased, and all benefits derived will be for the benefit of all shareholders of the Company. The Shareholders Trust will service the aforesaid loan from dividends and/or distributions paid upon the shares and from the proceeds of the sale of the shares.