The Jamaica Stock Exchange (JSE) is returning to the Supreme Court next month seeking permission to have another set of listed companies host their annual general meetings (AGMs) virtually, given the COVID-19 restrictions. In June this year, the JSE was successful in its application to the court for an order permitting 16 public companies to hold their AGMs fully or partially by electronic means. This time around, the Jamaican equities trading regulator is seeking an order with respect to seven companies to host their AGMs in a manner to be specified by the court involving livestream or electronic broadcast.
The seven companies are Wisynco Group, NCB Financial Group, KLE Group, Everything Fresh Limited, Ciboney Group, Caribbean Assurance Brokers, and Jamaica Broilers Group.
The JSE petition also seeks an order to have its own upcoming extraordinary general meeting held virtually.
The petition is being made on the ground that Jamaican law requires AGMs and other shareholders’ meetings be held “in person”, allowing shareholders to discuss, debate and vote on matters and where it is impracticable to do so a court order is required to hold the meeting by electronic means. The application is also based on the ground that it was impracticable for the companies to hold their 2020 annual general meetings in person, given the ongoing COVID-19 pandemic and the social distancing and other requirements designed to limit spread of the virus.
November 25, 2020 is the scheduled hearing date of the JSE’s application. If successful, the listed companies can serve their shareholders with notices for meetings and supporting documents by e-mail or by postings on their websites or the JSE’s website.
The 16 companies which previously got permission for virtual AGMs were Barita Investments Limited, Berger Paints Jamaica Limited, Caribbean Cement Limited, FosRich Company Limited, JMMB Group Limited, Lasco Distributors Limited, Lasco Financial Services Limited and Lasco Manufacturing Limited, Main Event Limited, Mayberry Investments Limited, Sagicor Group Jamaica, Supreme Ventures Limited, the Jamaica Stock Exchange, Trans Jamaica Highway, Victoria Mutual Investments Limited, and Wigton Windfarm Limited.
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