Proven Investments Limited (PROVEN or PIL) has informed the public that it will exercise its right to upsize the additional public offering now underway based on the number of applications for ordinary shares.
In a notice on the Jamaica Stock Exchange website, the company said, “Pursuant to the Prospectus dated December 23rd, 2020, this will enable PIL to accept additional applications in excess of the 89,416,037 New Ordinary Shares initially made available in the APO, up to a maximum of 134,124,037 New Ordinary Shares.”
By upsizing the APO, PROVEN issue 33.33 per cent more ordinary shares than it initially floated, and the upsize will take capital raise to JM$4.4 billion or US30.28 million before deducting costs associated with the APO.
In its prospectus, the Jamaica-based investment company explained that the purpose of the capital raise was to fund “the execution of the development projects” as well as to acquire new business in the finance and real estate sectors.
PROVEN also shared that while the closing date for APO applications remains Friday, January 29, 2021, it still reserves the right to close the application before, “if applications have been received for the full amount of the respective new ordinary shares offered”.