Mailpac Group Limited has not completed its acquisition of MyCart Quick Limited, the company disclosed this month.
“The transaction has not yet closed, and, accordingly, no Extraordinary General Meeting (EGM) has been convened at this time,” according to a statement from Mailpac posted to the Jamaica Stock Exchange.
By “mutual agreement of the parties”, the completion of the transaction has been extended to October 1, 2026. The amount, previously disclosed as $1.21 billion, is payable in newly issued Mailpac shares.
“As the consideration is entirely non-cash, the transaction will not impact the company’s cash position,” stated Mailpac in its financials.
MyCart has operated as a “division” of Mailpac, and its performance has been included in the group’s consolidated financial statements since April 1, 2024 – the stated date of acquisition – yet ownership has not formally transferred. No shares have been issued to MyCart’s owner-operators, and no extraordinary general meeting has been held to put the transaction to a shareholder vote.
Mailpac did not disclose why the original closing was delayed or whether any conditions remain outstanding. The Gleaner did not get a response to queries at press time.
Mailpac’s 2025 annual report, reviewed by auditors, listed the provisional purchase consideration at $1.21 billion, described as management’s best estimate of the fair value of consideration to be transferred. The figure is contingent on MyCart’s financial performance for the 12 months ended March 31, 2025. The group does not disaggregate MyCart’s revenues in its financial statements.
Mailpac has engaged Ernst & Young to conduct a purchase price allocation exercise, which will determine how the agreed consideration is distributed across MyCart’s assets and goodwill.
Mailpac said it expects to publish the final allocation in its audited financial statements for its 2025 year end, scheduled for 31 March 2026.
Mailpac said it will convene an extraordinary general meeting following publication of the 2025 audited accounts. The EGM is expected to address matters related to the transaction, including any proposed rebranding of the company. Mailpac did not specify a timeline for the meeting or identify the new name under consideration.
“Mailpac will take the necessary steps to call an EGM at the appropriate time to consider matters related to the transaction, including the proposed rebranding of the company,” the company stated.
For the full year ended December 2025, Mailpac recorded revenues of $3.0 billion, or “solid growth” over $2.56 billion in 2024. Net profit for the year reached $301.2 million, compared with $249 million in the prior year.
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