Pulse Investments declares stock split

Pulse Investments declares stock split

BY DURRANT PATE
Observer business writer
editorial@jamaicaobserver.com

Wednesday, March 04, 2020

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Pulse Investments Limited will be undergoing a stock split, as the company prepares to raise capital to fund its expansion plans, which includes two overseas acquisitions and a real estate investment.

The board of Pulse has already given the green light for the stock split on the basis that three additional shares be issued to shareholders for every share currently held by them in the company. At the board meeting held on Wednesday, February 26, it was agreed that the record date for the stock split be March 16, 2020.

A stock split is a decision by a company's board of directors to increase the number of shares that are outstanding by issuing more shares to current shareholders. The primary motive is to make shares seem more affordable to small investors, even though the underlying value of the company will not change.

Pulse is a lifestyle, real estate, and media company. Though still in the preliminary stages of deliberation, Pulse is seeking to raise equity by way of a renounceable rights issue to pursue its growth strategy.

The Kingsley Cooper-led board is far advanced with its growth strategy already identifying two overseas acquisitions. The company recently announced its interest in acquiring a substantial stake in Irie Jam 360 Media, a New York-based radio, TV and Internet media group, and an undisclosed cosmetics company.

Irie Jam 360 Media broadcast to a mainly Caribbean market in the tri-state area of New York, New Jersey, and Connecticut. The other investment being considered is a substantial stake in a cosmetics company branded with the name and likeness of a famous international film and TV star, with Caribbean roots.

Cooper told shareholders at its annual general meeting recently that the company will be seeking to raise more equity to fund this growth objective. This, in an effort to grow the company and push its brand into more markets in the Caribbean and worldwide.

Pulse also wants to gain capital to take full ownership of leased properties, including its current Villa Ronai location, which operates under a 50-year lease agreement.


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