JMMB Group Limited has issued a prospectus for four new issues of preference shares, two of which are denominated in US dollars and the others in local currency. The issues are redeemable with maturity dates in 2024.

The offer will open on January 4 and close on the 14th day of that month. It includes one for nine million cumulative redeemable 6.00 per cent USD preference shares at a fixed price of US$1.00 per share; and another for two million cumulative redeemable 5.75 per cent USD preference shares at a fixed price of US$1.50 per share.

The Jamaican dollar preference shares are 1.5 billion cumulative redeemable 7.50 per cent variable rate preference shares at a fixed price of J$1.00 per share; and 70 million cumulative redeemable 7.25 per cent variable rate preference shares at a fixed price of J$1.50 per share.

The target raise in US dollars is US$12 million (J$ 1.44 billion); while the target raise for the Jamaican dollar issue is $1.65 billion dollars. The total to be raised falls in the ballpark of $3 billion.

For the 6.00 per cent the 5.75 per cent US dollar prefs the dividend is payable quarterly. For the 7.50 per cent and the 7.25 per cent variable rate JMD prefs dividends are payable monthly.

The first dividend payment on the 6.00 per cent US dollar preference shares will become due and payable on April 14, 2016. Thereafter, dividends will be paid quarterly on the 14th day of each relevant month (July, October, January, April) until maturity on January 14, 2024, JMMB said in its prospectus.

The first dividend payment on the 7.50 per cent variable rate JMD preference shares will become due and payable on February 14, 2016. Thereafter, dividends will be due and payable monthly on the 14th day of each month until maturity on January 14, 2024. For the 5.75 per cent US dollar preference shares, dividends become payable on April 14, 2016; thereafter payable quarterly on the 14th day of July, October, January, April — until maturity on January 14, 2024.

The first dividend payment on the 7.25 per cent variable rate JMD prefs will become due on February 14, 2016, thereafter, payable monthly on the 14th day of each month until maturity on January 14, 2024.

Offers for the 6.00 per cent US dollar preference shares and the 7.50 per cent JMD preference shares are made solely for the benefit of clients only. However, JMMB notes application can be made by a client as the primary applicant and jointly with applicants who are not clients. The finance house says the offer of the 5.75 per cent USD prefs and the 7.25 per cent JMD prefs are for non-clients.

JMMB Group, in its prospectus, said the company will continue to implement a new Integrated Financial Services model aimed at extracting synergies from its operations.

“With preparatory activities completed in Trinidad and Tobago, the platform is set for building out the model while we stabilise and hone the core business drivers, thereby creating a solid foundation for sustainable growth,” the company said in the circular.

For the financial year ended March 31, 2015, the Group recorded operating revenues of $10.32 billion, compared to $8.73 billion the prior year — an increase of $1.59 billion or 18.2 per cent. Increase in revenues was, however, offset by a rise in expenses associated with the acquisition of the IBL Group (J$1.12 billion), reorganisation of the Dominican Republic operations (J$328.6 million), and an increase in asset tax (J$179.5 million).

JMMB said it intends to apply to the Jamaica Stock Exchange for all of the preference stock units to be listed on the Exchange.