NCB Scheme of Arrangement

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The NCB Scheme of Arrangement

 

APPENDIX E

NATIONAL COMMERCIAL BANK JAMAICA LIMITED AND CORE SUBSIDIARIES

PROFORMA POST-REORGANIZATION CONSOLIDATED PROFIT AND LOSS ACCOUNT  AND BALANCE SHEET -  30 JUNE 2000  

Proforma Consolidated Statements - 30 June 2000

  1.       Basis of Presentation  

The statements on pages E.2 to E.4 give proforma financial information as at 30 June 2000 and for the nine month period then ended in respect of National Commercial Bank Jamaica Limited and the following subsidiaries (“New Banking Group”):

N.C.B. Cayman Limited

N.C.B. Investments Limited

Data-Cap Processing Limited

Edward Gayle & Company Limited

OMNI Insurance Services Limited

West Indies Trust Company Limited

N.C.B. Jamaica (Nominees) Limited

 

The proforma statements include adjustments to the historical financial statements of New Banking Group for the nine months ended 30 June 2000 to reflect the various transactions under the reorganization proposal.  Such adjustments have been made as if such transactions had been effected on 30 June 2000 for the consolidated balance sheet and as of 1 October 1999 (the beginning of the nine month period to 30 June 2000) for the consolidated profit and loss account.  The proforma information does not purport to be indicative of financial position or results of operations that would have occurred had the reorganization been consummated on the indicated dates or which may be expected to occur in the future.

 

 

National Commercial Bank Jamaica Limited and New Core Subsidiaries

Proforma Consolidated Profit and Loss Account  - Nine months ended 30 June 2000

 

 

Unaudited 

 

 

$'000 

Revenue

 

 

Income from loans

 

1,214,430 

Income from securities

 

8,130,288 

 

 

9,344,718 

Other operating income

 

1,454,577 

 

 

10,799,295 

Expense

 

 

Staff costs

 

1,619,767 

Other operating expenses

 

3,091,168 

 

4,710,935 

Interest

 

5,396,534 

 

 

10,107,469 

 

 

691,826 

Share of profits of associated companies

 

-     

Profit before Taxation

 

691,826 

Taxation

 

(96,385)

 

 

595,441 

Minority Interest in Results of Subsidiaries

 

(38,979)

Net Profit

 

556,462 

EARNINGS PER STOCK UNIT

 

$0.28 

 


National Commercial Bank Jamaica Limited and New Core Subsidiaries

Proforma Consolidated Balance Sheet - 30 June 2000  

 

Unaudited 

 

 

$'000  

 ASSETS

 

 

 Cash Resources

 

 

       Cash on hand and at Bank of  Jamaica

 

8,024,898 

        Fixed deposits and balances with other banks and financial               institutions

 

4,415,277 

       Cheques and other instruments in the course of collection

 

786,081 

 

 

13,226,256 

 Investments

 

 

       Investment properties

 

20,282 

       Government of Jamaica securities and investments

 

6,728,785 

       FINSAC and FIS bonds

 

48,443,387 

       Other investments

 

5,100,671 

 

 

60,293,125 

     

 Securities Purchased Under Agreements to Resell

 

3,216,207 

 Loans and Advances Less Provision for Losses

 

7,613,695 

 Customers' Liability on Ex-Im and Central Bank Discount

 

155,489 

 Customers' Liability on Acceptances,  Guarantees, Indemnities and Credits

 

1,332,411 

 Other Assets

 

1,755,610 

 Fixed Assets

 

1,671,956 

 

 

89,264,749 

     

Proforma Consolidated Balance Sheet - 30 June 2000  

 

 

Unaudited 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

$'000  

 Deposits and Other Liabilities

 

 

       Deposit and current accounts of  customers

 

50,881,244 

       Promissory notes and certificates of  participation

 

14,804,144 

       Amounts due to other banks and financial institutions

 

3,213,591 

       Cheques and other instruments in the course of  payment

 

714,850 

       Other liabilities

 

2,682,302 

 

 

72,296,131 

 Liability on Ex-Im and Central Bank Discount

 

155,489 

 Liability on Acceptances, Guarantees, Indemnities and Credits

 

1,332,411 

 Assets Sold Under Obligations to Repurchase

 

5,424,741 

 Life Assurance Fund

 

1,777,267 

 Deferred Profit

 

245,765 

 Minority Interest in Subsidiaries

 

124,405 

 Stockholders' Equity

 

 

       Share capital

 

1,973,410 

       Share premium

 

4,373,721 

       Share redemption reserve funds

 

450,000 

       Capital reserve

 

484,635 

       Banking reserve fund

 

373,000 

       Retained earnings reserve

 

911,897 

       Accumulated deficit

 

( 658,123)