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PROVEN extends additional public offer

PROVEN has extended the closing date of its additional public offering (APO) that was previously suspended to June 5.

According to PROVEN, “We continue to assess the actual and projected societal 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.”

The APO, which was suspended on March 13, seeks to raise funds for PROVEN’s real estate development projects and additional investments for acquisitions in the regional financial services sector.

President and CEO of PROVEN Management Limited, Christopher Williams, said “We are all resolved to managing ourselves amidst this pandemic, and we want to keep our stakeholders informed on just how we are reasonably readying ourselves to continue the economic push as soon as we emerge successfully as nations after the battle against coronavirus.”

President and CEO of PROVEN Management Limited, Christopher Williams

Williams added “We applaud all the virus-suppression efforts of our health and safety teams and encourage everyone to continue to be respectful of the protocols in place for our collective wellbeing. When we emerge from this global challenge, I know we will quickly work to realise our new normal in our homes, work and society. Continue to be safe!”

The offer opened March 11 and was to close at the end of the month, was suspended in light of the coronavirus pandemic which has infected more than a thousand people across the region.

Proven Investments Limited (PIL), an investment company listed on both the J-Dollar and USD markets of the Jamaica Stock Exchange (JSE), had aimed to raise $10.35 billion from offering up approximately 268 million new ordinary shares at $38.64 or US$0.28 each.

PIL is a publicly held investment firm with emphases on private equity, tradable securities and real estate; it generated annual net profit attributable to shareholders of US$6.97 million as at its last financial year which ended March 31, 2019.