KINGSTON, Jamaica — Proven Investments Limited (PIL) indicates that its eight per cent redeemable preference shares, which will mature on December 23, will be redeemed on the due date at the price of J$5.00 per unit.

The eight per cent five-year preference share offer, which closed on December 23, 2011, raised $1 billion for the company.

The board of directors in November previously passed the resolution approving both the redemption and de-listing from the Jamaica Stock Exchange of the 200,000,000 units on the maturity date. Suspension of trading on the share has been requested for December 20, 2016, to allow for the share register to be prepared, PIL said in its market advisory.

The company has meanwhile offered for subscription two new tranches of 8.5 per cent preference shares with target raise of $2 billion.

Totalling 400 million redeemable preference shares at $5 each, tranche A opened on December 16 and will close on December 21. Tranche B will be offered commencing on January 24, 2017 and closes on February  4. Both will mature on December 15, 2021.

The new offer is intended to fund additional acquisition opportunities, and to expand the company’s investment portfolio, the company said in its prospectus.

Avia Collinder