Business

The LAB readies to go public

BY KELLARAY MILES
Business reporter
milesk@jamaicaobserver.com

Friday, July 12, 2019

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Declaring an intention to float an initial public offering (IPO) on Jamaica's Junior Stock Exchange back in June, The Limners and Bards Limited (The LAB) is indicating that they are finalising plans to open on July 17, 2019. The deal will be brokered by NCB Capital Markets.

The company, which is said to be one of the country's leading advertising agencies, is a 12-year-old business led by founding director Kimala Bennett.

It is reported that for 2018 the company has amassed over $480 million in revenue, and has produced compounded levels of annual revenue growth in excess of 46 per cent since 2013.

The move to get listed was undertaken in an effort to further strengthen the already steadily growing financial progress of the company.

In a previous news release Bennett was quoted as saying “listing will be a key step for The LAB to get a slice of the available market share that is there to be benefited from”.

She further stated that “Advertising and film-making in Jamaica are poised to break through in the region and in the world.” As such the idea for this IPO is to set her company up for growth.

In a prospectus on the Company's website and various advertisements circulating in the media, prospective investors of at least 18 years of age are urged to get ready to buy into a total of 189,138,050 ordinary shares to be sold at a value of $1.00 per share.

“The subscription list for the shares will open at 9:00 am on July 17, 2019. Applications submitted prior to the opening date will be received, but not processed until the opening date. The subscription list for the Shares will close at 4:30 pm on the closing date of July 31, 2019”, it read.

In the event of an early closing of the subscription list, or an extension of the closing date, notice will be posted on the website of the Jamaica Stock Exchange (JSE).

All prospective investors are urged to read the Prospectus document carefully before submitting an application. Outside of the company's website, the document can be found on the JSE's and NCB Capital Markets website.


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