H & L Goes Public

In the mid 1960’s Hardware and Lumber’s daily retail operations were managed by Peter Samuels. Under his management, H & L continued to enjoy growth in market share. The success of the company was not overlooked, and in the late 1960’s the Henriques Brothers who were still directors, decided to go public. Ordinary shares in the company were offered for sale and H & L became a listed company on the Jamaica Stock Exchange.

Pan-Jamaican Investment Takeover

After going public in the late 1960’s shareholders had a greater say in the running of H & L. The Henriques Brothers, though they maintained the largest share stock in H & L no longer enjoyed total autonomy as it relates to directing the company’s growth. In an effort to regain control of the company they formed, they decided to make a revolutionary move – never before seen in Jamaica’s history – they organized a public take over bid.

The Henriques Brothers, through their company Kingston Industrial Works (KIW), which had by now moved its entire iron mongering operations from 1 Darling Street to 138 Spanish Town Road, in July 1969 went public to each share holder and offered to buy back shares at nine (9) shillings per five (5) stock units. This public offer to shareholders by KIW fueled interest from other companies, and Pan Jamaican Investment Trust, directed by the Facey’s decided to join the takeover thrust.

This started a “bidding war” for majority shares in Hardware & Lumber, and numerous public offers were made to share holders. Mr. F. W. Harris, who at the time was a director at H & L, also went publicly to shareholders, advising them not to accept the offers tendered by either of these companies. His advice however was not heeded and on August 28, 1969 the final offer made by Pan Jam – which was 12% higher that the original offer made by KIW – was accepted by shareholders. Pan Jam was now in charge.