Barita Investments Limited has advised the closing and basis of allotment of the excess shares pool to subscribers of the renounceable rights issue of 77,897,303 new ordinary shares at a subscription price of $45 per share.

The offer, made subject to the circular letter of Barita Investments Limited, dated August 19th, 2019, was upsized by 50 per cent on September 11th, 2019 to a total offer size of 116,845,955 shares.

The excess shares pool, principally comprised of the upsized share offer of 38,948,652 new ordinary shares, was oversubscribed. The offer closed on September 20th, 2019. At closure, a total of 116,845,955 new ordinary shares were allotted, resulting in the company raising capital of $5,258,067,975, 50% higher than the initial principal amount of $3,505,378,635.

The directors of Barita Investments Limited announced the methodology and basis of allotment in respect of the excess shares, explaining that based on the round-one allotment formula, 5.5 new ordinary shares were allocated for every one hundred (100) shares owned by eligible shareholders in respect of applications received for participation in the excess shares pool (“base allotment”). An eligible shareholder is a shareholder on record as at August 20, 2019.

Based on the round-two allotment formula the allocation was 82.418840 per cent of new ordinary shares applied for by each eligible shareholder in the excess shares pool that was unfilled in the base allotment.

“We take the successful and over ubscribed Barita rights issue results as a tremendous vote of confidence by the market in the company,” said Paul Simpson, deputy chairman, Barita Investments and founder, president and CEO of Cornerstone.

“It validates our strategy to date and our capability to execute on a compelling vision. We recognise the hard work of key partners including the Barita team, and our selling agents, namely, JMMB Sagicor, and Scotia Investments.”