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JT Group Ltd: Approval for the sale of a majority stake in JT (IOT) Limited

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made on 23 June 2021

Decision Reference: MD-TR-2021-0079

Decision Summary Title:

JT Group Ltd – approval for the sale of a majority stake in JT (IOT) Limited

Date of Decision Summary:

23 June 2021

Decision Summary Author:

Head of Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

JT Group Ltd – approval for the sale of a majority stake in JT (IOT) Limited

Date of Written Report:

21 June 2021

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Exempt

Articles 26 and 33

Subject:

JT Group Ltd – approval for the sale of a majority stake in JT (IOT) Limited

Decision(s): 

The Minister decided to approve the request for consent for JT to enter into agreements between JT and Perwyn Advisors UK Limited representing the sale of a majority stake in JT (IOT) Limited, such agreements to be signed in accordance with the directions of the JT board.

 

Reason(s) for Decision:

In accordance with paragraph 14.1 of the Memorandum of Understanding between the States of Jersey and JT Group Limited (“JT”), the consent of the Minister for Treasury and Resources is required before JT seeks to sell, transfer “or in any way disposes of all or a material part of its business or assets”.

 

The JT (IOT) Limited business constitutes a material part of the JT business.

 

Resource Implications: 

There are no additional resource implications, financial or manpower, as a result of this decision for the States of Jersey.  Any costs associated with the transaction are a responsibility for JT.

 

Action required:

The Head of Decision Support to inform the Head of Shareholder Relations that this decision has been approved.

Signature:

 

 

 

Position:  Deputy S Pinel, Minister for Treasury and Resources

Date Signed

Date of Decision:

 

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