Regal Forest Holdings (RFH), the Latin American firm that is purchasing Courts Jamaica, secured just over 96 per cent of the shares in the local furniture retailer on Monday, the final day of the buyout offer.

The remaining four per cent of stockholders, covering approximately 95 million of the outstanding shares listed on the stock exchange, will have to wait until after the mandatory acquisition process is complete before they get paid, estimated to be in April or May.

Cobalt Holding Company, a full subsidiary set up by Regal Forest to acquire Courts Plc's 12 Caribbean operations, said in a press release on Monday that it would start issuing payment today to shareholders who took up the $4.25 per share offer by December 6.

For shareholders who accepted after December 6, "Payments will become available on December 29," Cobalt said.

All disbursements will be made at the offices of Mayberry Investments Limited, starting mid-afternoon.

Having received more than 90 per cent means that Cobalt will exercise its rights under the Companies Act of Jamaica to compulsorily acquire the remaining shares, including those "Who have expressly dissented or have failed to respond to the offer," which closed on Monday, after which RFH will delist the firm from the local stock exchange.

The offer to buy out shareholders at $4.25 a share, or US$156 million (J$10.2 billion) for 100 per cent of the stock, was opened on November 21.

The company told shareholders then that it already had commitments for 82 per cent, secured at a price of US$128 million (J$8.3 billion), and that it would delist the stock, whether or not the remaining 1,800 shareholders take up the offer.

camilo.thame@gleanerjm.com.