May 2007 Financial News

Scotia Group Jamaica Ltd now listed

May 02, 2007

Scotia Group Jamaica Ltd, a new holding company formed after the Bank of Nova Scotia acquired Dehring Bunting and Golding (DB&G), was yesterday listed on the Jamaica Stock Exchange (JSE) offering 3.1 billion ordinary shares at $23.55 each.

At the same time, the Bank of Nova Scotia Jamaica (BNSJ) delisted its ordinary shares and listed 100 million preference shares at $1.00.

Ordinary shares in BNSJ will be converted 1:1 to Scotia Group shares, while preference shares will be issued at 1:30, David Noel, BNSJ senior vice president, told the Business Observer.

"As of April 30, BNSJ ordinary shares will automatically be transferred to Scotia Group shares and for every 30 BNSJ ordinary shares, a shareholder may be issued one preference share," Noel said.

Trading of Scotia Group shares began at 9:30 am May 1.
Scotiabank Jamaica president and CEO, William 'Bill' Clarke, at the installation ceremony at the JSE office in downtown Kingston, said that Scotia Group was actively seeking new acquisitions to strengthen the group's portfolio.

"The reality is that Scotia Group is in a very acquisitive mode, and to the extent that there are companies out there that will provide real additional shareholder value to stockholders of Scotia Group, we will be making an effort to do that," said Clarke.

He added that Scotiabank's acquisition of DB&G was what prompted the formation of Scotia Group. "It speeded up the process. DB&G is only one of the acquisitions that the Scotia Group will make," Clarke told the gathering.

Sixty-eight per cent of DB&G shares are now held by Scotia Group.

Clarke emphasised that the new company, in its acquisition thrust, would remain within its core function. "We have no interest outside of financial business," Clarke told the Business Observer after the Scotia Group JSE listing ceremony.

Source:
Patrick Foster, Business Observer writer
The Jamaica Observer
Wednesday, May 02, 2007

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