One on One CEO boosts stake in company
TWO directors of One on One have increased their stake in the company through trades on the open market.
The trades, which were completed on Monday, February 13, had a transaction value of $37.5 million from the sale of a total 30 million shares.
Ricardo Allen, One on One’s CEO, through his holding company Soho Investments acquired 15 million ordinary shares to bring his total equity stake in One on One to just under 24 per cent, while John Bailey, through his holding company Jorden Investments, also acquired an additional 15 million shares to bring his total equity stake in the company to just under 9 per cent.
“Obviously, as the leader of the organisation I see the tremendous value that the team has been able to create here. We would also have line of sight as it relates to the growth journey we’re about to embark on. With that being said, we believe that the current share price is low, and we will take the opportunity to purchase shares on the market as they become available at this price” Allen said.
“We have some excellent growth initiatives ahead and we look forward to executing on these and sharing them with our valued stakeholders when the time comes.”
The transactions come as One on One indicated that one of its key, strategic focus areas for the remainder of this year will be the development of its content agency. So far, the company has already acquired 112 square feet of space to build out studios to host instruction sessions and produce content to support its other product offerings such as its Classroom in a Box as well as its Learning Management System (LMS).
One on One has shown growth and potential in the first-quarter results since its listing on the Junior Market of the Jamaica Stock Exchange (JSE). The company has existing partnerships with agencies such as the Ministry of Education, locally, and the Department of Education in The Bahamas, as well as international alliances such as that with Community Services Foundation (CSF). The company also has contracts outside of the education sector, with government agencies as well as corporate entities.
