Saturday 31 October, 2020

Proven ready to make share offer

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.

Having earlier suspended the launch of its additional public offer, Proven Investments Limited (Proven) is now ready for the market.

PIL is an investment company listed on both the J-Dollar and USD markets of the Jamaica Stock Exchange (JSE).

The company, on Monday, October 12, advised that its board of directors has authorised formal steps to be taken to obtain regulatory approvals to launch an invitation for subscription of an additional block of ordinary shares.

Previously in March 2020, PIL issued an APO prospectus, making the public an offer of new ordinary shares priced at $38.64 or US$0.28 each. The company was targeting around $4 billion in new capital.

It indicated that it would deploy capital for real estate development projects and additional investments in the regional acquisition of financial services sector.

However, PIL suspended acceptance of applications for shares in the APO on March 13 and rejected all applications subsequently tendered.  Applicants have since been reimbursed.

The company had cited “heightened disruption triggered by the intensification of the coronavirus COVID-19 pandemic.” Market indicators are now more positive, with Barita Investments Limited having raised $13.5 billion in September and Tropical Battery recently executing a successful IPO.

PIL said the new ordinary shares will be made available for subscription under guidelines of the board and regulators.

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, the 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.

In the March prospectus, company chairman Hugh Hart said that while the company was likely to seek investments in its core areas of expertise, such as financial services, PIL would also consider investments in the real sector.

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