PROVEN APO readies for March opening
Shares valued at US$0.28 or $38.64 equivalentFriday, March 06, 2020
BY KELLARAY MILES
After expressing its intention to make an additional public offer (APO) of ordinary shares to the public back in January, PROVEN Investments Limited (PIL) is now ready to bring these shares to the market eyeing a March 11 opening date.
In its prospectus document released this week, the company has invited the public to buy into a maximum of 267,857,143 new ordinary shares at a price of US$0.28 or $38.64 per share to be underwritten by Sagicor Investments.
“The invitation will be initially in respect of 178,571,429 new ordinary shares, but in consultation with the underwriter, the directors may, but shall not be obliged to, elect to upsize the number of new ordinary shares made available for subscription by no more than 89,285,714 additional new ordinary shares in the event the invitation is oversubscribed,” the prospectus outlined.
The application which is scheduled to open at 9:00 am on March 11 is expected to be closed at 4:00 pm on March 31.
Applicants are invited to purchase a minimum of 1,000 shares, and amounts above this shall be in multiples of 100 new ordinary shares of which the company is seeking to raise $4 billion or the equivalent of about US$30 million.
PIL since its announcement of the APO has said that the proceeds from the offering will be used to acquire, grow and extract value from its portfolio of investments.
Christopher Williams, CEO of PIL in speaking with the Jamaica Observer at the time said that the monies raised will not be for finding new investment possibilities, but rather to execute on already-identified opportunities, particularly in the finance sector in the English-speaking Caribbean as well as Jamaican real estate.
Some of the mentioned projects under the company's portfolio that stands to benefit from the proceeds includes much of their real estate projects such as; VIA at Braemar— a 99 unit, 10-storey apartment building in New Kingston and their recently announced multi-mixed development, Bloomfield Park in Mandeville.
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