Mailpac cuts $900 million off My Cart price, seeks approval to issue shares to close deal

Mailpac Group Ltd. will ask shareholders to approve issuing 50 million shares to complete its acquisition of former rival My Cart Quick Ltd., a deal whose value has been cut by three-quarters from the amount the company previously recorded.

Shareholders will vote on Resolution 6, which covers the share issue, at the annual general meeting on November 4, according to a notice posted to the Jamaica Stock Exchange in the week. The shares would be issued on top of cash already paid.

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“That’s what it is,” Khary Robinson, Mailpac’s Executive Chairman, said in response to Financial Gleaner queries. “The issuance of the stock to the My Cart shareholders.”