PROVEN to issue new share offer
PROVEN Investments Limited has advised the Jamaica Stock Exchange (JSE) of its intention to launch an invitation to the Jamaican public to participate in an Additional Public Offer (APO) of ordinary shares.
“I welcome your interest in participating in what will actually be the first time PROVEN has made an unrestricted offering of ordinary shares to the public,” a company release quotes Chris Williams, president and CEO, PROVEN Management Limited.
“While its ordinary shares have been listed on the JSE since July 2011, PROVEN has never before conducted an offering of ordinary shares that is open to participation by every member of the investing public in Jamaica,” Williams added.
PROVEN pointed out that since pioneering the private equity industry a decade ago and “demonstrating a prolific track record for successfully acquiring holdings in key industries and businesses” that align with its investment philosophy, the company was the first to list on the JSE US dollar market and subsequently on the J$ main market.
“Successively, PROVEN raised additional funding through rights issues of ordinary shares, preference share issues, and debt issues and from the capital raised has been on a journey that has seen consistent return of both healthy dividends and capital appreciation to shareholders whilst boasting a strong deal pipeline,” the company added.
Williams said the company’s remarkable growth — coming from a single entity at inception in 2010, to now holding a substantial portfolio of investments in Jamaica, the Cayman Islands, St Lucia and beyond, along with solid financial performance — is an indication that the team remains committed to the original mission of pursuing opportunities, wherever found, to generate an above-average, sustainable return on its investments for the ultimate benefit of its shareholders.
The company explained that it is raising funds to ensure that it has sufficient access to equity to support its short- to medium-term strategic focus.
The investment firm also said that following the announcement, it hopes to obtain all regulatory approvals in order to facilitate the opening of the APO to the public in February 2020.
“A full prospectus and details of the offer will also be released once all regulatory approvals have been obtained,” the company said, adding that more information is available on its website www.weareproven.com.
PROVEN Investments Limited is a publicly held investment firm. Its main investment strategies are in private equity, tradable securities, and real estate.
“Currently our diversified private equity holdings are our subsidiaries: PROVEN Wealth Limited (now merged with PROVEN Fund Management Limited); BOSLIL Bank Limited in St Lucia with representative offices in Panama and Uruguay; PROVEN Real Estate Investment Trust; International Financial Planning (Cayman) Limited; Access Financial Services Limited, and Dream Entertainment Limited and JMMB Group Ltd as associated companies,” PROVEN said in its news release.