Given the challenges occasioned by the global economic crisis of 2008, companies worldwide had to revisit their strategies and make prudent decisions for sustained profitability and to increase shareholder value. In 2009, JMMB’s leadership took the decision to not provide an inflationary increase to team members as part of an overall cost management plan.  Additionally, team members were asked to re-double their efforts and pull more deeply on their creativity to beat the company targets in what was a challenging environment.  The JMMB team took up the challenge and in the main exceeded its budgeted targets.

In recognition of this, the company has arranged for the Employee Share Ownership Plan (ESOP) to purchase a block of shares for future distribution to the current team at the current low price, which is below book value. As such, our team members who have generated company growth will benefit from their efforts in the future when the markets recover.

Accordingly, ESOP has purchased shares from existing shareholders, some of whom are directors and team members who had indicated their willingness to sell a small potion of their shares at this current low price to facilitate this initiative.  In the case of the directors, the amount sold represents approximately 4.0 per cent of their holdings.

The Board of Directors was pleased to approve this creative transaction which represents a tangible demonstration of appreciation for the team’s hard work and commitment in achieving the company’s objectives of growth and cost containment.