The board of directors of the MPC Caribbean Clean Energy Limited (MPCCEL) are offering to existing shareholders in Jamaica and Trinidad the right to buy 2 shares for every 1 share held in the company at a price of US$1.00 or JMD$140.00.
The share is currently trading on the Jamaica Stock Exchange (JSE) is $230.00. The lead broker on this deal is JN Fund Managers.
Shareholders in Jamaica had to be on record as at November 7th while shareholders in Trinidad and Tobago needed to be on record as at November 6th to benefit in this offer. The actual open date for the offer is November 13th in both countries and closes on December 16, 2019. The rights issue is renounceable, and therefore means shareholders may not take up the offer and allow another shareholder to buy into the company.
According to the company’s website, “MPC Caribbean Clean Energy Ltd. (the Company) is a Caribbean-based investment company which was established in 2017 with the clear vision to enable private and institutional investors from Jamaica and Trinidad and Tobago to invest through the Company into one of the few investment funds which invests in renewable energy projects in Jamaica, Trinidad and Tobago and the wider Caribbean region: the MPC Caribbean Clean Energy Fund LLC (the Investment Company or the Fund). The audited financial statements of the Investment Company are available to shareholders upon request.
The Company is registered in Barbados and publicly listed on the Jamaica Stock Exchange as well as the Trinidad and Tobago Stock Exchange. The company was first listed on January 14, 2019. The clean energy investment specialist MPC Renewable Energies (MPC), a 100% subsidiary of the publicly listed German asset and investment manager MPC Capital, has initiated the Company and the Investment Company based on its extensive renewable energy experience worldwide and after deep research and analysis of the Caribbean market.”