Proven Investments Limited raised US$34 million in its additional public offer (APO).
“A total of 4,148 applications were received totalling just over US$34.5 million,” said Proven in a statement.
The APO has increased Proven’s capital from US$122 million to US$156.5 million.
The general public received full allotment and key investors received 70 per cent of their allotment.
Proven Investments Limited, the listed private equity firm which started during the financial crisis a decade earlier holds an interest in several financial companies. It opened its APO to raise funds for acquisitions.
The offer closed early on January 26, 2021, with applications totalling 154,231,234 ordinary shares, representing an oversubscription of US$4.3 million, the company said.
Loop file photo of Finance Minister Dr Nigel Clarke at the 2020 staging of the JSE s Annual Regional Investments and Capital Markets Conference.
Minister of Finance Dr Nigel Clarke has called on the Jamaica Stock Exchange (JSE) to look more closely at the marketing efforts of companies that are offering shares to the public.
Speaking at the Jamaica Stock Exchange’s 16th Annual Regional Investments and Capital Markets Conference on Wednesday, Dr Clarke suggested that some initial public offerings (IPOs) and additional public offerings (APOs) were being marketed “like lollipops in a candy store”.
An IPO refers to the process of offering shares of a private company on to the public in a new stock issuance. Whereas, an APO is a secondary offering is the sale of new or closely held shares by a company that has already made an IPO.
Christopher Williams, Co-Founder and CEO Proven Management Limited, Investment Managers for PIL.
Proven Investments Limited (PIL) has entered into an agreement for the purchase of shares in Roberts Manufacturing Company Limited (RMCL) from Massy Properties (Barbados) Limited for a consideration of a little over $3 billion (US$21,452,500).
PIL entered into the agreement to acquire 50.5 per cent of the common equity of RMCL from Massy Properties last month.
“Closing is scheduled to take place three business days following the receipt of all regulatory and governmental confirmations, approvals, and acknowledgements, save that the closing date may not be extended beyond 30 days,” PIL said via a notice on the Jamaica Stock Exchange on Tuesday.