Tuesday 20 August, 2019

Basis of allocation of shares in FosRich offer announced

Stocks and Securities Limited (SSL) was selected as lead broker for this deal. Pictured here are SSL’s CEO, Mark Croskery (left) FosRich Managing director Cecil Foster.

Stocks and Securities Limited (SSL) was selected as lead broker for this deal. Pictured here are SSL’s CEO, Mark Croskery (left) FosRich Managing director Cecil Foster.

The public got the least percentage allocation of shares in the FosRich initial public offer.

The basis of allotment of the shares, according to a statement on the Jamaica Stock Exchange, gave Stocks and Securities Limited (SSL), lead broker 100 per cent. Key partner reserved shares were allocated at 100 per cent, and company reserved shares were allocated 82 per cent. 

The general public got the first 5,000 shares at 100 per cent allocation; the balance in excess of 5,000 units was allocated at approximately 12.70 per cent. The above figures are subject to reconciliation with the Jamaica Central Securities Depository (JCSD).

SSL received a total of 1,165 applications valued at approximately $324.2 million. The company’s prospectus invited applications for a total of 100,455,111 shares valued at $200.9 million. Of the total applications received, 1,084 applications with a total value of $140.1 million were from the general public.

The company will endeavor to return cheques or make refunds via RTGS to applicants whose applications were not accepted, or whose applications were only accepted in part, within 10 working days of the closing date, December 4.

Each applicant’s returned cheque or refund will be sent for collection by the applicant (or the first named joint applicant) to their respective broker listed on the application form. All applicants will receive a formal letter advising them of their respective allotment of shares in the Company in due time. 

The initial public offering which opened at 9:00 am on December 4 and closed a minute later.

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