VM members show strong support for group restructure Loop Jamaica

Black Immigrant Daily News

The audited results of VM Group’s Members’ vote on the Scheme of Arrangement show overwhelming support for the proposed restructuring of the organisation.

VM members voted on the scheme at a court-ordered meeting on Tuesday, August 9, 2022. The tally, verified by auditing firm KPMG shows 216,223 (99.995 per cent) members voted in favour of the restructuring while 11 (0.005 per cent) members voted against it.

The outcome of the meeting will be reported to the court for approval.

VM’s Members voted on the Scheme on Tuesday at the National Arena in Kingston as well as satellite locations in Portmore, St Catherine, Savanna-la-Mar, Westmoreland and Fairview, Montego Bay. Voting was also done online via a private-user platform.

VM had proposed the restructuring exercise to ensure compliance with the Banking Services Act (2014) which mandates that a corporate group which includes both financial entities and non-financial entities be reorganised by separating the financial services companies from the non-financial companies.

VM’s Scheme of Arrangement would see this separation being done by establishing a new financial holding company (FHC) to hold all the financial services companies within the VM Group, and a non-financial holding company (Non-FHC) to hold all the non-financial companies in the VM Group. The FHC and non-FHC will both be held by a Mutual Holding Company (MHC), as the ultimate parent company of the VM Group.

The MHC will be known as ‘VM Group Limited’, and the FHC will be called ‘VM Financial Group Limited’.

VM said current and future members of the company would continue to enjoy all existing and new member benefits, as the organisation has reiterated its firm commitment to mutuality.

VM will continue to keep members updated as the process continues.

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