Wigton Windfarm IPO scheduled to close today

BY BALFORD HENRY
Senior staff reporter
balfordh@jamaicaobserver.com

Wednesday, May 01, 2019

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The two-week-old Wigton Windfarm Initial Public Offering (IPO) closes today with expectations for its success still high, but with a concern about the lack of response from public sector employees to its reserved shares.

The Government had reserved 20 per cent, or 2.2 billion of the 11 billion shares it placed on the market for public sector workers, but the Jamaica Observer learnt yesterday that less than 10 per cent of those reserved shares have been taken up by them.

These reserved shares are on a priority allocation basis to these workers at the Offer for Sale price of J$0.50 per share.

There has been no explanation for the lack of support from public sector employees, except perhaps a traditional reluctance to invest. However, the prospectus for the sale states that all reserved shares which are not taken up will be made available for allocation to the general public which should be good news for those seeking more than the initial 10,000 shares.

“Public Sector Worker” or “PSW” in the prospectus is a person employed at any ministry or other central government department or local government, any public body (as defined under the Public Bodies Management and Accountability Act), or any executive agency (as defined under the Executive Agencies Act).

People still wishing to purchase shares today may do so through any of the several brokerage companies authorised as legal selling agents of Wigton Windfarm shares. These include: Mayberry Investments Limited, the lead broker, Jamaica Money Market Brokers (JMMB), Jamaica National Fund Managers Limited, Sagicor Investments Jamaica Limited, Victoria Mutual Wealth Management, Proven Wealth Limited and NCB Capital Markets Limited (National Commercial Bank).

Interested people should first set up a brokerage account with any authorised selling agent. To purchase, brokerage account holders need to visit the authorised brokerage of their choosing. They will be required to provide: valid identification (passport, driver's licence, voter identification card), Taxpayer Registration Number (TRN), proof of address (valid driver's licence, utility bill, registered mail), proof of income (pay slips, bank statements), as well as the names and contact information of two references, including eligible account holder at chosen brokerage, justice of the peace or minister of religion.

Applications can still be made today in office at any authorised brokerage. Digital application is also available to clients of NCB Capital Markets Limited, through GoIPO, the group's automated IPO processing portal. Applicants are required to fill out the Wigton application form, and pay over the amount required for the desired number of shares.

Shares will be allocated in two stages: First, reserved share applicants will be allocated shares on a “bottom-up” basis in tranches of 10,000 shares until the reserved shares are fully allocated and/or all reserved share applications are met in full; second, members of the general public will then be allocated shares on a similar “bottom-up” basis in tranches of 10,000.

“Bottom-up” basis means that all applications (large or small) up to the first 10,000 shares will be met. Applications in excess of 10,000 will then be met in similar fashion in increments of 10,000 until all applications are met, or all the shares are allocated.

Notwithstanding the foregoing, the Petroleum Corporation of Jamaica (PCJ) reserves the right to make adjustments to the general allocation policy to ensure fair and equitable allocation with an emphasis on a wide distribution of the shares, especially among retail applicants.

Applicants may refer to the confirmation instructions that will be posted on the website of the JSE ( www.jamstockex.com) after the closing date.

In the event of oversubscription: Refund cheques for all monies received in excess of shares allocated will be available for collection, through the office at which payment was originally made within 10 days of the closing date, or the extended closing date, as the case may be.

In the event the shares are not listed on the JSE, refund cheques will be available for collection through the office at which payment was originally made within seven days after the JSE has notified the company of its decision to decline the listing application and, in any event, within 48 days after the issue of the prospectus.

The Jamaica Central Securities Depository is responsible for receiving and reconciling all the applications and refund cheques.

The final allocation and listing of shares will be done within 21 days of the closing date, subject to the shares being admitted, by the board of the JSE, for listing on the main market of the JSE.


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