Shares will be listed on the Jamaica and Barbados stock Exchanges by September 30

Durrant Pate/Contributor

The allocation of shares in the just concluded preference share offer by regional technology company, Productive Business Solutions (PBS) has been determined.

Some one and a half million US-dollar preference shares were offered at a price of US$10 per share and 500,000 Jamaican-dollar preference shares, priced at J$1,000 per share.

The offer, which was oversubscribed will see all applicants in the US-dollar preference share reserved pool, which was fully subscribed, getting their full allotment while those in the general pool, which was oversubscribed, will receive the first 3,000 shares applied for and 37.18 per cent of the balance of the amount applied for.

Regarding the Jamaica dollar general pool, which was oversubscribed, all applicants will be allotted the first 2,000 shares applied for and 74.67 per cent of the balance of the amount applied for.

Refunds to applicants

JMMB Securities, which acted as the lead broker and listing agent, has advised of the process of issuing refunds to those due. Refunds to applicants, who are clients of JMMB, will be credited to the accounts stated in their application by end of day, September 16.

Refunds to applicants who are not JMMB clients will be made available to Barita Investments Limited by September 16 to be credited to the accounts stipulated in their application. All applicants will receive a formal letter from the Registrar, advising them of their respective allotment of shares in the company in due course.

It is anticipated that the Perpetual Cumulative Redeemable 9.25 per cent Fixed Rate US-Dollasr Preference Shares and the Perpetual Cumulative Redeemable 10.50 per cent Fixed Rate Jamaican-Dollar Preference Shares will be listed and begin trading on the Jamaica Stock Exchange (JSE) and the Barbados International Securities Exchange by September 30.

PBS and JMMB Securities Limited thanked all applicants for having confidence in PBS and for making this first ever public offer of Perpetual Cumulative Redeemable Preference shares an overwhelming success.

The proceeds of the preference share offer will be used to fund the company’s strategic growth objectives which include acquisitions and expansion into new territories.

PBS operates in 19 countries with its regional headquarters in Guatemala selling more than 100 global technology brands such as Apple, Dell, Google and Microsoft with a staff compliment of more than 2,200.