The Directors of tTech Limited have announced that two principal shareholders, Edward “Teddy” Alexander and G. Christopher Reckord, have sold 52,012,834 tTech shares, representing 49.1 per cent of the company’s issued shares.
The acquiring entity, Simply Secure Limited, is owned by Kevin Gordon and Rob Mayo-Smith. Both Gordon and Mayo-Smith also own Simply Secure LLC, a managed security services provider based in Fort Lauderdale, Florida.
Given that this acquisition exceeds the 20 per cent threshold of issued and outstanding ordinary shares, tTech has duly notified the Jamaica Stock Exchange and the Financial Services Commission in accordance with the applicable JSE Junior Market Rules (Appendix 2) and the relevant regulations under the Securities Act concerning takeovers and mergers.
Simply Secure Limited has indicated that upon acquiring 50 per cent or more of tTech’s shares, it will extend an offer to all remaining tTech shareholders to purchase their shares. This proposed offer will be contingent upon the completion of additional due diligence, finalization of the terms of the offer, review by the tTech board, and approval by the regulators. Both Simply Secure and tTech are committed to adhering to the Securities TOM Regulations and the JSE Rules.
The directors of tTech anticipate that the synergies between tTech and Simply Secure will enhance tTech’s services, particularly in the area of cybersecurity.
Some changes are expected at the director and management levels. However, Edward Alexander, who remains as board chair, stated, “I am confident that Simply Secure’s involvement will bring new resources and expertise to tTech Limited. Their focus on Managed Security Services aligns perfectly with our strategic goals.”
Kevin Gordon, CEO of Simply Secure LLC, added, “Under this new arrangement, Simply Secure and tTech are committed to leveraging greater resources to meet the growing demand for Managed Security Services. Our primary focus will remain on delivering exceptional value to our customers and creating optimal growth opportunities for our employees.”
