Mayberry Investments Limited (MIL) says it is in the process of completing the reconciliation of all applications in respect of the Wigton Windfarm Limited Initial Public Offering (IPO), which closed on May 1.

Mayberry’s director, Investment Banking, Tania Waldron-Gooden, has listed the preliminary basis of allotment as follows:

First, reserved share applicants will be allocated shares on a “bottom up” basis in the tranches of 10,000 shares until all the reserved shares have been exhausted, or all the reserved share applications are met in full. If the pool is undersubscribed, the excess shares will be used to increase the shares available in the public pool.

Second, general public applicants will then be allocated shares on a “bottom up” basis in tranches of 10,000 shares until shares are exhausted.

Bottom up basis as per prospectus means: “All Applicants (large or small) up to the first 10,000 shares will be met. Applications in excess of 10,000 will them be met in similar fashion in increments of 10,000 until all applications are met or all shares are allocated.”

Following the closure of the IPO on May 1, Mayberry had advised the JSE that it anticipates that applicants will be informed of the preliminary basis of allotment of the shares by Monday, May 6, 2019. The deadline was met on Monday.

Mayberry had also advised that “Wigton intends to make an application to list its shares on the Main Market of the JSE, but cannot guarantee that the shares will be so listed”.

Mayberry Investments Limited was the financial adviser and lead broker to Petroleum Corporation of Jamaica’s (PCJ) in the Offer for Sale of 11,000,000,000 ordinary shares in its subsidiary, Wigton Windfarm Limited, at the price of J$0.50 per share, made subject to a prospectus of the company, dated Monday, April 8, 2019. The offer was closed as of Wednesday, May 1, 2019 at 4:30 pm.

Wigton Windfarm Limited (WWFL) was incorporated on April 12, 2000 as a subsidiary of Petroleum Corporation of Jamaica (PCJ) with the objective to develop and operate wind-powered renewable energy systems in Jamaica and to supply electricity produced by such systems to the JPS System.

Since incorporation, the company has established and operates a wind farm in Rose Hill, Manchester, consisting of 44 wind turbines. The company’s wind farm was established in three (3) phases, referred to as Wigton I, Wigton II and Wigton III.