Panjam shareholders to vote on APO and stock split
Company is seeking to raise funds for investment and expanding the businessWednesday, March 18, 2020
BY DURRANT PATE
AN extraordinary general meeting is now being convened for shareholders of investment and real estate development listed company, PanJam Investment Limited, to vote on three proposals to raise funds from the local capital market for investment opportunities as well as expanding the business.
The three proposals are going to the local capital market with an additional public offering (APO), increasing in the authorised share capital of the company to make way for the APO and the consideration of a stock split. A stock split is geared towards dividing a company's existing share capital into multiple shares to boost liquidity, which will make the share price more attractive.
PanJam is one of the most expensively traded stocks, now going at $86.79 and with the stock split, the price will drop while the number of shares in the company will be bumped up. Having considered the three proposals at its March 6 special board meeting, the directors of PanJam have referred the proposals to shareholders for a vote.
No date has yet been set for the extraordinary general meeting but it is anticipated that this will take place sometime next month. The company has already identified a number of investment prospects awaiting the APO for the funds to be garnered then deployed in those business opportunities.
On another matter, PanJam has advised the Jamaica Stock Exchange, where its shares are traded, of a further delay in the submission of its audited financial statements for the year ended December 31, 2019. This is owing to the fact that that the financial results of Sagicor Group Jamaica Limited, which are material to the completion of PanJam 2019 financials, have not yet been published.
PanJam anticipates that the audited financials of the company will be published shortly after the release of Sagicor Group 2019 Financials. PanJam has invested in Jamaica for more than 50 years, and is among the largest publicly-listed companies in the Caribbean.
As an investment holding company, PanJam generates shareholder returns through three distinct activities. It provides property management services in Jamaica, including rental, management and development of commercial real estate properties, and captive insurance.
PamJam also takes actively managed positions in both public and private companies, throughout the Caribbean but primarily in Jamaica. It also trades equities and fixed income assets for its proprietary portfolio.
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