Sygnus Credit Investments Limited (SCI) has advised that its additional public offer (APO) of ordinary was oversubscribed.
The company said it exercised the option to upsize the invitation to 240,887,900 new ordinary shares, reflecting a 54 per cent upsize to the maximum allowed by the prospectus dated December 11, 2020.
SCI originally offered up to 196,372,431 ordinary shares in in two classes in the capital of the company, targeting listing on both the J-dollar and US-dollar markets of the Jamaica Stock Exchange (JSE).
The company was seeking to raise a minimum US$10 million (J$1.42 billion).
The offer was priced at J$16.30 per unit and US$0.140 per ordinary share. It also offered a discounted price of J$14.70 per ordinary share or US$0.1270 to existing shareholders and team members.
Reserved shares numbered 176,735,188 while 19,637,243 ordinary shares are open to the public.
The company had indicated that it reserved the right to upsize the number of shares on offer by up to 82,271,772 ordinary shares in the event the APO is oversubscribed.
The subscription opened on December 18, 2020 and was set to close on December 23, 2020 but was extended to the last day of the year.
The company indicates that the new funds are desired to increase portfolio investment funds.
Company chairman, Clement Wainwright Iton, said the company’s strategic objective, he outlined is to enhance shareholder value by scaling its business to exceed US$100 million in portfolio investments and generate more than US$8 million in core revenues.
SCI’s most recent audited financials show that the company’s portfolio of investments surpassed the US$50 million threshold for the first time last year, while generating US$4.5 million in total investment income and US$1.97million in net profits, which was 3.8 per cent less than the prior year record of US$2.05 million.