Another 1-2-3 for Jamaica

KINGSTON, Jamaica – Rasheed Dwyer upset Warren Weir to give Jamaica yet another gold medal at the20th Commonwealth Games when he won the 200 metre clocking 20.14 seconds to Weir's 20.26. But Jamaica had another clean sweep with Jason Livermore (20.32) stepping up to take third. Jamaica previo ... Read more

Business

Eppley IPO oversubscribed

Thursday, July 25, 2013    

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THE initial public offering (IPO) of shares in Eppley Limited was oversubscribed, lead broker Proven Wealth announced yesterday.

Eppley, which manages a portfolio of loans, leases and other forms of commercial credit, aimed to raise $82.6 million through an invitation for subscription for 218,999 shares in the company, at a sale price of $377 per share.

The company opened the invitation on Monday. The offer was closed early on the same day, announced Proven Wealth, the arrangers and lead brokers of the offering. The note was originally scheduled to close on Monday July 29, 2013 at 4:00 pm

"The response to the offer has been very good with the issue being oversubscribed and hence the early closure," Chorvelle Johnson, Proven Wealth's president and CEO, noted in a press release.

The securities dealer is set to announce the basis of allotment within three business days.

Eppley intends to use the proceeds of the IPO to fund credit facilities and to pay the expenses of the invitation, which the directors believe will not exceed $7.5 million, according to the company's prospectus.

Eppley, which is majority owned by Musson Investment, is chaired by chief operating officer of the Musson Group, Nigel Clarke. Its managing director is Nicholas Scott.

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