Eppley opens pref offer today
EPPLEY Limited will open its week-long preference share offering today, with the aim of raising $300 million.
The company plans to use the funds to expand its credit products, inclusive of leases and loans.
The preference shares will mature in five years on November 30, 2018, with cumulative preferential dividends at the fixed rate of 9.5 per cent per annum and are priced at $6 per share.
Minimum purchase is 5000 shares with multiples of 200 shares thereafter, placing the minimum investment at $30,000.
After the IPO, the preference shares will be listed on the Jamaica Stock Exchange.
"This will operate like a fixed income security as dividends are paid monthly," said Julian Mair, group chief investment strategist at JMMB, the securities arm of which is the lead broker for the offer.
Eppley's shareholders voted on a series of resolutions at an extraordinary general meeting last week that has authorised the Board of Directors to issue preference shares.