Saturday 29 February, 2020

JMMB cuts APO timeline by four days

The JMMB headquarters in Jamaica.

The JMMB headquarters in Jamaica.

Having virtually attained its goal of raising over $10 billion in its additional share offer, JMMB Group is reverting the invitation timeline back to the original closure date. 

The offer now closes on Thursday instead of next Monday.

“Due to the overwhelming response to its Additional Public Offer made subject to the Prospectus dated October 15, 2019, the company has elected to close the offer earlier than its previously scheduled closing date,” stated JMMB in a release on Monday.

The new closing date is Thursday, November 7 at 3 pm in Jamaica and 4pm in Trinidad and Tobago, according to a release on November 4. The original prospectus contained the closure date of November 7 but that was subsequently extended.

JMMB hopes to secure the new capital to acquire a majority stake in regional insurance provider, Sagicor Financial. It would become the largest shareholder in Sagicor by pumping over US$240 million into the company by way of Canada-based Alignvest.  Once the deal is completed, JMMB plans to list the insurance giant on the Toronto Stock Exchange via an existing shell listing for this specific purpose.

JMMB will offer an additional 266.7 million ordinary shares at $38 to JMMB shareholders and $38.75 for non-existing shareholders. It however has the option to upsize the offer to 325 million units.

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