PROVEN upsizes APO

PROVEN upsizes APO

Observer business reporter

Wednesday, January 20, 2021

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IN its fifth ordinary equity offering to the market, PROVEN Investments Limited (PIL) has decided to upsize its additional public offering (APO) past the US$20-million mark in order to match the insatiable demand by investors for the St Lucian company.

The last time PIL garnered this much attention was in May 2015 when it raised US$29.3 million in a rights issue which was the largest before the current APO. The upsize now gives PIL the option to raise US$30.3 million that will be used to facilitate a pipeline of US$45 million in real estate and acquisition deals lined up for the company. PIL has garnered several buy recommendations from various brokerage houses who have given the offer a potential upside of 30 per cent or more for investors.

When questioned by the Jamaica Observer about the demand by investors, co-founder and president of PROVEN Management Limited, Christopher “Chris” Williams expressed gratitude and jubilation at the confidence of the investing community.

“We are humbled by the positive response and note this show of support as another tremendous accomplishment as we look forward to a successful raise, given that we are on our way to achieve the target of US$30.3 million [that is] intended to bolster our capital base to readily take advantage of opportunities during this period,” Williams shared with the Business Observer.

PIL will also be considering its quarterly dividend at a board meeting on February 11, which would mean new investors could possibly gain access to the company's tax-free dividend shortly after the APO closes. The last APO to feature such a benefit to investors was with their associate JMMB Group Limited, which declared a dividend less than a week before the allotment of shares. The offer closes next Friday with every broker except CUFM (Credit Union Fund Management) and MVL Stockbrokers acting as a selling agent to the offer.

With the shares priced at US $0.22 - US $0.23 ($32.10 - $33.50) at a minimum of 1000 shares, PIL's offer would be the third-successful APO after Barita Investments and Sygnus Credit Investments Limited, following the equity collapse in 2020.

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