Sunday 26 May, 2019

31,000 Jamaicans will own Wigton shares

Energy minister Fayval Williams said the IPO has clearly demonstrated the appetite of the Jamaican people to invest in the Jamaican energy sector.

Energy minister Fayval Williams said the IPO has clearly demonstrated the appetite of the Jamaican people to invest in the Jamaican energy sector.

The lead broker in the initial public offering (IPO) of shares in Wigton Windfarm, Mayberry Investments, has indicated that the offer was oversubscribed as $14 billion was raised.

This is nearly three times more than the $5.5 billion that was initially sought.

This was disclosed on Tuesday by the Minister of Science, Energy and Technology, Fayval Williams, during her contribution to the 2019/2020 Sectoral Debate in the House of Representatives.

At the same time, Mayberry has announced that 31,000 Jamaicans will own shares in Wigton.

“In April of this year, history was made in the renewable energy sector, when Jamaicans were given a most coveted opportunity to invest in the renewable energy sector by becoming owners of the largest wind energy facility in the English-speaking Caribbean – Wigton Wind Farm Limited,” Williams said.

“Through this successful initial public offering, Jamaicans, with the smallest purchase of $1,000, were given the opportunity to take a further step towards energy independence by owning a stake in Jamaica’s energy future,” she added.

Williams said that on May 22, “Wigton will be proudly listed on the Jamaica Stock Exchange’s main market.”

She said this initial public offer has clearly demonstrated the appetite of the Jamaican people to invest in the Jamaican energy sector.

The wind farm, which is operated by the state-run entity, Petroleum Corporation of Jamaica, made an offering of over 11 billion shares – with 2.2 billion offered to public sector workers and the remaining 8.8 billion for the public at $0.50 each.

Below is the basis of allotment: 

  1. First, Reserved Share Applications: All Public Sector Workers who applied for less than 15,000,000 units were given full allocation. The remaining Reserved Shares were allocated sequentially in tranches of 10,000 until the Reserved Pool was exhausted.  The pool was oversubscribed.
  1. Second, General Public Applications: All members of the general public who applied for less than 8,500,000 units were given full allocation. The remaining shares in the public pool were allocated sequentially in tranches of 10,000. The pool was oversubscribed.

In accordance with the Prospectus, allocation was made on a “bottom up” basis in tranches of 10,000 – that is to say all Applications (large or small) were allocated a first tranche of up to 10,000 Shares and Applications in excess of 10,000 Shares were allocated up to a further 10,000 Shares and so on until all Shares were allocated.  This was applied separately to the Reserve Pool and the Public Pool. 

All Applicants will receive a formal letter from the JCSD advising them of their respective allotment of shares in the Company in due course.

 

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