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PROVEN issues new APO offer to open in February

Sunday, January 12, 2020

PROVEN Investments Limited has expressed its intention to make an additional public offer (APO) of ordinary shares expected to be opened to the public in February.

In a release issued on Friday, the company said that they have advised the Jamaica Stock Exchange (JSE) of its intention to launch the APO. The funds raised, they said, will be used to ensure that the company has sufficient access to equity to support their short-to medium-term strategic focus.

In reinforcing its message to prospective applicants president and chief executive officer (CEO) at PROVEN Christopher Williams outlined that the APO, through the strategy that it seeks to undertake, will allow much opportunity for prospective applicants.

“I welcome all your interest in participating in what will actually be the first time that PROVEN is making an unrestricted offering of ordinary shares to the public. While ordinary shares have been listed on the JSE since July 2011, PROVEN has never before conducted an offering of ordinary shares that is open to participation by every member of the investing public in Jamaica,” he said.

“The company's remarkable growth coming from a single entity at inception in 2010, and now holding a substantial portfolio of investments in Jamaica, the Cayman Islands, St Lucia and beyond, along with solid financial performance are indicative that PROVEN's team remains committed to the original mission of pursuing opportunities, wherever found, to generate an above-average, sustainable return on its investments for the ultimate benefit of its shareholders,” Williams continued.

PROVEN since its inception has been making strides in the investment market; the company historically became the first to list on JSE's US dollar market and subsequently on the Jamaican dollar main market.

“Since pioneering the private equity industry a decade ago and demonstrating a prolific track record the company has been successfully acquiring holdings in key industries and businesses that align with its investment philosophy,” the release said.

The company has said that subsequent to this announcement, they will move to obtain all regulatory approvals to place the opening on its scheduled timeline of February.

“A full prospectus and details of the offer will also be released once all regulatory approvals have been obtained,” the release closed in saying.

— Kellaray Miles