New power players at Elite

THE mystery surrounding the recent shake-up in ownership at Elite Diagnostic Limited has been partly cleared, with two St Lucia-registered companies emerging as its largest shareholders following weeks of heavy trading that raised questions about a possible takeover of the Junior Market-listed company. Resource Assets Limited (RAL) and Navy Inc. now hold 49. 80 per cent and 20. 96 per cent, respectively, of Elite’s issued ordinary shares, according to a disclosure issued on Monday by the company’s secretary, Cube Corporate Support Limited. Together, the two companies account for 70. 76 per cent of Elite’s issued shares, although neither has disclosed any arrangement to exercise control jointly. RAL has been linked to Jamaican businessman and investor Donovan Lewis, whose investment interests extend across several companies listed on the Jamaica Stock Exchange.

However, the latest disclosure does not independently identify Lewis as RAL’s beneficial owner. The announcement follows several weeks of speculation over who had been acquiring large blocks of Elite shares after a series of transactions between July and October significantly altered the company’s ownership structure. The transactions attracted attention earlier this month after Elite disclosed that a review of shareholder records showed a single investor holding more than 50 per cent of its issued ordinary shares between October 2 and 6. The holding subsequently fell to approximately 38 per cent, raising questions about whether the temporary majority position triggered an obligation to make a takeover offer to remaining shareholders. Under the applicable takeover rules, an investor acquiring 50 per cent or more of a listed company’s voting shares may be required to make an offer to other shareholders unless an…