Proven additional public offer revived

While its previous attempt to raise funding by an additional offer of shares was put on hold, Proven Investments Limited (PIL) is now ready to test the market again.

Chairman of Proven Investments Limited Hugh Hart (Photo: PROVEN)

PIL is an investment company listed on both the J-Dollar and USD markets of the Jamaica Stock Exchange (JSE).

The company has advised that its Board of Directors has authorised formal steps to be taken to obtain regulatory approvals to launch an invitation for subscription of an additional block of ordinary shares.

The company, in its APO prospectus originally issued on March 2, 2020, had indicated that it aimed to deploy capital for real estate development projects and additional investments in the regional acquisition of financial services sector.

Proven signage (File photo)

It had made the public an offer of new ordinary shares priced at $38.64 or US$0.28 each.

But, PIL suspended acceptance of applications for shares in the APO on March 13, and rejected all applications subsequently tendered. Applicants have since been reimbursed.

The company originally targeted around J$4 billion in new capital.

Yesterday, October 12, PIL indicated that it is ready once more. Since it has suspended its own effort, Barita Investments limited has raised $13.5 billion from pent up capital sources locally, by its own APO.

Tropical Battery has also executed a successful initial public offer.
PIL said the new ordinary shares will be made available for subscription under guidelines of the board and regulators.

PIL started in 2010 when the company raised US$20 million by way of a private placement of ordinary shares, and later that year, an additional US$9.7 million by a rights issue of additional ordinary shares.

In July 2011, ordinary shares were listed by introduction as the first listed ordinary shares on the USD market of the JSE.

The company has subsequently raised additional funding through rights issues of ordinary shares, preference share issues, and debt issues.

In the previous prospectus, company chairman Hugh Hart said while the company was likely to seek investments in its core areas of expertise, such as financial services, PIL would also consider investments in the real sector.