VM Financial Group raises $11 Billion In Preference Share Offer

• VM Financial Group has raised $11 billion in a preference share offer. VM Financial Group, the newly established financial holding company for VM Group Limited, put up the offer through a restricted placement, made available to accredited investors only. The shares, first offered in April, were listed on the Jamaica Stock Exchange on Friday.
• Of that sum raised, $6.8 billion came from converted VM Building Society Deferred Shares, while $4.2 billion in new funds are listed as Class A, B and C shares. Class A was offered at a 10% dividend rate, Class B at 11.21% variable, and Class C at 12.5% fixed to float.
• Fixed-to-float securities pay a defined return for a given period; however, the payout may change based on specific criteria.
• VM Group’s President and CEO Courtney Campbell has explained that the funds will be used to strengthen the capitalization of the Group's operating subsidiaries and support growth plans. Mr. Campbell also noted that the Group is exploring regional partnership opportunities, as well as avenues to expand its payments business. 

(Source: RJR News)