Proven signage (File photo)

PROVEN closes APO, refunds applicants

Proven signage (File photo)

Proven Investments Limited (PROVEN) has refunded monies it received for an additional public offer of shares announced earlier this year.

In a notice on the Jamaica Stock Exchange website, the company wrote, “Proven Investments Limited (PROVEN) has provided an update on the additional public offer (APO) that was scheduled to be closed on June 5, 2020, for which PROVEN had suspended accepting applications, with effect from March 13, 2020, and refunded all applications received.”

The company also informed that, further to its notice on March 31, it will not be lifting the suspension of APO, which would have closed today, June 5.

The invitation

Earlier in March, PROVEN announced that it would seek to raise new capital of JM$10.35 billion through an APO that would open on March 11 and close on March 31. At the time the company invited prospective investors to take up 267,857,143 new ordinary shares at the subscription price of US$0.28 or J$38.64.

Chairman of the investment house, Hugh Hart, said then that the net proceeds of the APO would strengthen the company’s capital base and improve its chances of pursuing and executing investment opportunities that offer the best prospects.

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


However, in a press release dated March 13, PROVEN disclosed that its board had taken the decision to suspend the APO due to the spread of the coronavirus throughout the Caribbean and its anticipated impacts on business activity.

“The decision has been taken as a result of the heightened disruption triggered by the intensification of the COVID-19 pandemic. In the meantime, refund of subscription amounts already paid will be made to investors in accordance with the refund information provided,” the statement outlined.

In a follow-up update, on March 30, one day before the initial closing date of the APO, the company announced the extension of the APO to June 5.

“[PROVEN] acknowledges and thanks everyone for the positive responses to the APO received prior to its suspension.”

“We continue to assess the actual and projected social and economic impact of COVID-19 and an announcement regarding the lifting of the suspension of the APO and any further changes to applicable dates will be made in due course as circumstances permit,” PROVEN stated.

Though closed while in suspension, the investment house said it “acknowledges and thanks everyone for the positive responses to the APO received prior to its suspension”.

PROVEN is a publicly held investment firm that trades on the Jamaica Stock Exchanges JMD- and USD-denominated indices. It engages in private equity, tradable securities, and real estate. With investments in Jamaica, the Cayman Islands, St Lucia, including subsidiaries and associated companies, the company generated net profit attributable to shareholders of US$6.97 million as at March 31, 2019.