Proven Investments Limited: Tranche A Oversubscribed! 

Proven Investments Ltd (PIL) issued an Invitation for Subscription, subject to a prospectus dated December 8, 2016, where Tranche A saw an offering of 200,000,000 Cumulative Redeemable JMD Preference shares. The offer was closed on December 21, 2016 and was oversubscribed attracting a total of 632 applications for 215,518,040 shares.

 

This prompted NCB Capital Markets Ltd. (NCBCM), in consultation with Proven Investments Limited (PIL), to take the decision to upsize the offer to facilitate the demand.

 

“We wanted to ensure that all the applicants received 100% of the amount of the Shares they applied for and as such, PIL was more than happy to upsize the offer”, expressed Johann Heaven, Senior Vice President, Proven Management Limited.  

 

Herbert Hall noted that the oversubscription occurred within the context of the offer being opened for a very short period (4 work days) during the yuletide season, where investors were very difficult to locate. 

 

“Typically, mid-December is not a good month to do a fund raise, especially one of this size. But we were able to leverage our extensive network of touch points across the country, as well as our significant relationships, to successfully launch and close with an oversubscription”, indicated Herbert Hall- Assistant Vice President, Investment Banking at NCB Capital Markets Limited.

 

“Given the very good reception, we are definitely looking forward to opening Tranche B very soon”, Hall added. The cost per share was $5 with dividends fixed at 8.25 per cent per annum. 

 

Tranche B is scheduled to be opened on January 24, 2017. Visit www.capitalmarkets.com/provenpref to submit your interest in this offer today.

 

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For further information please contact: 

 

NCB Capital Markets Limited

32 Trafalgar Road

Kingston 10

960-7108