Black Immigrant Daily News
Palace Amusement shareholders are to vote in the New Year, on January 24, on a 600-for-one stock split.
The stock split, which would increase the shares in issue from 1.437 million to just over 862.2 million, would take effect a month after the vote, on February 28.
Palace Amusement was the biggest winner during Thursday’s trading on the Jamaica Stock Exchange, up 21.77 per cent to close at $1,425.94.
Before the pandemic, however, the shares traded up to about $5,000 briefly.
Palace Amusement, which operates five cinemas, is in recovery mode after the coronavirus pandemic caused it to close its doors over several months.
In a bid to stay afloat, the company opened a drive-thru cinema in October 2020 but closed it after two years of losses and the expiration of its lease.
The lease arrangement for the New Kingston drive-in operations ended, and the group did not renew the lease agreement.
Like its other cinemas, that location did not record a profit from operations during the 2022 or 2021 financial year.
Palace Amusement’s September 2022 first-quarter numbers show losses of $54 million from a loss of $79.7 million in the 2021 similar period. Revenue, however, grew to $250 million compared to $80.5 million a year earlier.