The Board of Directors (the “Board”) of Ciboney Group Limited acknowledges the interest and questions from stakeholders, the media and the public following the announcement of the acquisition of 72.1122% majority shares by IEC Energy Company Limited (“IEC”).
The Board wishes to confirm that it has received Notice of a firm intention by IEC to make an offer to acquire all the shares held by minority shareholders in the Company. IEC has indicated its intention to publish a Takeover Bid Circular (TOBC) within 30 days of June 29, 2023, as required by the Securities (Takeovers and Mergers) Regulations, (the “Regulations”) and the Take-over and Mergers Rules of the Jamaica Stock Exchange Rules (the “Code”).
The Board and the new majority owner have confirmed their mutual commitment to comply with the respective requirements and timelines of the Regulations and the Code. To that end, permitted communication will be made through the stipulated methods as part of the regulatory process.
The Board is required to publish a Directors’ Circular in response to the TOBC, and to facilitate this process, the Board will appoint a Special Committee of independent directors.
Thank you for your understanding.
By Order of the Board of the Directors
CIBONEY GROUP LIMITED
Per: AspireSec Limited, Company Secretary