Friday 23 October, 2020

Proven APO closes with no new issued shares

Christopher Williams, co-founder and CEO of Proven Management Limited, investment managers of Proven Investments.

Christopher Williams, co-founder and CEO of Proven Management Limited, investment managers of Proven Investments.

Proven Investments Limited (PIL) recently closed its additional public offer (APO), with no new shares allotted, lead broker Proven Wealth has said.

Proven, in early March, made the public an offer of new ordinary shares priced at $38.64 or US$0.28 each. It had sought to raise as much as US$75 million to finance new acquisitions and projects.

Proven later suspended its offer and rejected all applications tendered, effective March 13. The company cited “heightened disruption triggered by the intensification of the coronavirus COVID-19 pandemic.”

Jamaica reported its first case of the novel coronavirus (COVID-19) on March 10 – a day before the scheduled APO opening.

Christopher Williams, co-founder and CEO of Proven Management Limited, in a recent statement, said, “whilst the management of the pandemic is promising; equity market conditions remain weak, so we are choosing to monitor and stay out at this time.”

He noted that Proven was happy with how the virus is being managed and remains confident of a solid post-coronavirus outcome.

Asked if the offer will be refloated, Johann Heaven, President and CEO Proven Wealth told Loop News, “We are watching the markets closely and when things improve we will announce same.”

The company, in its APO prospectus issued on March 2, indicated that it aimed to deploy capital for real estate development projects and additional investments in the regional acquisition of financial services sector.

PIL started in 2010 when the company raised US$20 million by way of a private placement of ordinary shares, and later that year, an additional US$9.7 million by a rights issue of additional ordinary shares.

In July 2011, ordinary shares were listed by introduction as the first listed ordinary shares on the USD Market of the JSE.

The company has subsequently raised additional funding through rights issues of ordinary shares, preference share issues, and debt issues.

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