Proven offers additional shares to the public

Proven Investments Limited (PIL), an investment company listed on both the J-Dollar and USD markets of the Jamaica Stock Exchange (JSE) is making to the public an offer of new ordinary shares priced at $38.64 or US $0.28 each.

With a total of 267,857,143 on offer, the company is targeting  J$10.35 billion. The offer will open on March 11 and close on March 31. The Invitation is underwritten by Sagicor Investments Jamaica Limited, whose underwriting commitment is capped at US$50 million.

The company, in a prospectus issued on March 2, indicated that it aims to deploy capital for the real estate development projects  and additional investments in the regional acquisition of financial services sector. PIL’s strategic plan incorporates increasing its capital base as it targets expansion.

The company has invited subscriptions from the public in Jamaica of 267,857,143 new ordinary shares at the subscription price of US$0.28 or J$38.64.

The Invitation will be initially in respect of 178,571,429 but directors may elect to upsize  the number of by  an additional  89,285,714  shares maximum if the first tranche is oversubscribed.

Company Chairman Hugh Hart said in the prospectus, “The timing is right for us to expand our shareholder base and give as wide a group of equity investors as is possible the opportunity to participate in the future of the Company, as we seek to raise additional capital to deploy in execution of our business strategies.”