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Jersey Telecom Group Ltd: Redemption of 9% Preference Shares

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.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 26 November 2012:

Decision Reference:  MD-TR-2012-0102

Decision Summary Title:

Jersey Telecom Group Ltd redemption of 9% Preference shares

Date of Decision Summary:

21 November 2012

Decision Summary Author:

Treasurer of the States

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Jersey Telecom Group Ltd redemption of 9% Preference shares

Date of Written Report:

21 November 2012

Written Report Author:

Treasurer of the States

Written Report :

Public or Exempt?

Public

Subject:

JT Group Limited redemption of 20 million 9% Preference Shares of £1 each.

Decision(s):

The Minister, being responsible for certain States shareholdings, decided to instruct States of Jersey Investments Limited, to dispose by way of redemption, the 20 million 9% Preference Shares of £1 each, held in JT Group Limited on 30th November 2012.

Reason(s) for decision:  

To implement the decision made by the States in the Medium Term financial Plan (Project P.69/2012) to dispose of the States 20 million 9% Preference shares of £1 each, held in JT Group Limited.

 

States of Jersey Investments Limited acts as Nominee and Trustee for the majority of the States of Jersey and its Minister for Treasury and Resources shareholdings in accordance with the Declaration of Trust.

Resource Implications:

£20 million will be returned to the States of Jersey. £15 million will be applied to the 2013-2015 Capital Programme and £5 million will be used for the Innovation Fund.

Action required:

The Company Secretary of States of Jersey Investment Limited to ensure resolutions are passed by States of Jersey Investments Limited and that two directors of the Company sign the JT Group Limited special resolution (Attachment A) and revised Articles of Association (Attachment B). Further, that the share certificate be returned to Jersey Telecom Group Limited for cancellation.

 

Head of Shareholder Relations to arrange for the Treasurer and Deputy Treasurer, acting as Nominee and Trustee ordinary shareholders on behalf of the States of Jersey, to approve and sign the JT Group Limited Special Resolutions (Attachment A) and revised Articles of Association (Attachment B).

Signature:

 

 

 

Position: Senator P F C Ozouf, Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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