NCBCM/Proven Investments opens preference share offer today

PROVEN investment limited opened  its $2 billion preference share offer on Friday, promising investors a rewarding new year.

The shares are being sold by Proven Investments Limited (PIL), an international business company registered in St Lucia. The company is offering investors a subscription in its Cumulative Redeemable Preference Shares that are priced at $5 per share with dividends fixed at 8.25 per cent per annum. 

NCB Capital Markets (NCBCM) and Proven Wealth Limited are  co-arrangers and co-lead brokers  andwill accept applications from the public for the purchase of shares. The offering is available between 9 a.m. on Friday, December 16 and 4 p.m. Wednesday, December 21.

Investors will benefit from an attractive rate of return, and frequent dividend payments made on a quarterly basis as well as a low market minimum buy in of J$50,000 for 10,000 shares. Under this offering, there will be no withholding tax on dividends earned over the 5 year life span of the share under current Jamaican tax statute. This is by virtue of the Caribbean Community (CARICOM) ‘Double Taxation Agreement As a further sweetener to investors, PIL will be seeking to list the shares on the Jamaica Stock Exchange (JSE) Main Market in an effort to allow investors to be able to sell and purchase the shares after the close of the offer..

Herbert Hall, Assistant Vice President of Investment Banking, NCBCM, noted that the purpose of the offer is to retire an existing 5 year preference share that matures in December but more importantly to raise funds for expansion as PIL pursues additional acquisition opportunities. He also noted that the offer served to provide an enhanced level of income, above what can be generally found in the local market , as well as preservation of capital for investors.

As part of the NCB Group, NCBCM affords Jamaican investors easy access to a world of multi-currency investment opportunities, with products lines that fit the diverse risk-reward needs of each and every client we serve. Our involvement with this offer is a demonstration of our confidence in the opportunity and the value added outcome that customers who invest are likely to enjoy. I can say, despite there being other preference shares on the market, the dividend rate that is being offered by Proven Investments is particularly attractive,” Hall commented.

The offer is capped at 400,000,000 shares at a fixed price of J$5 per share, with a value of J$2billion. Investors will be provided with a high yielding asset, which will allow for each to diversify their portfolios while generating attractive income streams in March, June, September, and December of each successive year until its maturity in December of 2021.

Investors can download copies of the prospectus and application form from the NCBCM website at www.ncbcapitalmarkets.com or Proven at www.weareproven.com or the Jamaica Stock Exchange at www.jamstockex.com. Questions can be directed to  any member of the NCBCM Wealth Advisory team.

NCBCM is a leading player in developing the Region’s capital markets and offers a wide selection of wealth and asset management services to a range of clientele spanning  individuals to large multinational corporations.