Ashford Meikle, Staff Reporter
DESMOND BLADES
DESMOND BLADES' Musson (Jamaica) Ltd. has acquired an additional eight per cent of commodities manufacturer, Seprod -- a development that has not increased Blades' holding to 41 per cent but is apparently aimed at consolidating his Seprod stake in his flagship company.
The Jamaica Stock Exchange announced the acquisition on Monday after the listed Seprod reported Musson's purchase of approximately 43 million shares from two associated companies, Facey Commodity Company Ltd., and Gatcombe Investments Ltd. Both these companies are owned 50 per cent each by by Seprod and Mussons and are headed by Blades.
According to the JSE's report, 41,948 642 Seprod shares held by Facey passed to Musson (Jamaica) which also acquired 1,283,652 shares from Gatcombe.
The price of the transaction was not disclosed, but at the time of the June 14 sale, Seprod traded at $15.50, the same price at which the stock closed yesterday. At this price, the transaction sale would have been worth approximately $650 million.
Prior to this week's purchase Musson had approximately 33 per cent of Seprod, but given Musson's stake in Facey, Blades' beneficial share in the commodities' group would have been around 37 per cent.
It was not clear yesterday whether Blades, having deepened his hold on Seprod as the largest single shareholder, was intent on going for clear majority ownership. However, with a 51 per cent majority, stock exchange rules would require that Musson make a buy-out offer to minority shareholders.
Blades, who is travelling, was unavailable for comment yesterday.
