Proven Investments Limited (PIL) was formed in 2010, and ten years later has become one of the most dynamic financial institutions with a presence extended to the Caribbean.

Within that first decade, its lead principals have distinguished themselves with aplomb. Christopher Williams, Proven’s CEO and president, has overseen the listing of the company, made a number of substantial acquisitions and extended the operations of the company (wealth management, real estate development, entertainment).

Gary Sinclair has been instrumental in revitalizing telecoms giant, Cable & Wireless in the Caribbean and seeing to its integration into Liberty Global’s plans for the region. He has overseen the rebranding of the company and introduced a number of innovative broadband services.

Mark Golding continued to garner a reputation as one of Jamaica’s foremost corporate lawyers while ascending within the People’s National Party, first as Minister of Justice and now as leader of the organisation.

Peter Bunting, who was the lead principal of brokerage house, Dehring Bunting and Golding (DB&G) before it was sold to Scotia Investments, has also risen in the political arena, holding positions of General Secretary of the PNP and Minister of National Security. He came within a hair’s breadth in 2019 of winning the race for the leadership of the party and now, is Leader of Opposition Business in the Senate.

It is said that success breeds success and those who banded together to form Proven have amply exhibited enterprise and imbued the company with vision and vigour.

They say you can always tell the winners at the starting gate.

Proven announced its presence with a successful private placement of its ordinary shares, raising US$20 million at the start of 2010. In August of that year, it followed that up raising an additional US$10 million with investors eager to buy into a company with a bright future, able to impact the investment banking sector, guided by some of the best operators in the business.

The following year marked a milestone – Proven listed on the main board of the Jamaica Stock Exchange (JSE).

Proven has forged a stellar reputation for private equity management and become a leading player in fixed income securities.

Over the last ten years it has acquired major shareholdings in Proven Wealth Limited, BOSIL Bank Limited in St Lucia, Access Financial Services, one of the best micro-lending houses in Jamaica), Real Properties Limited, Dream Entertainment, International Financial Planning Limited with its Caymanian subsidiary and JMMB.

With its headquarters in Jamaica, Proven now has a presence not only in its home country but expanded to St Lucia, Cayman and more recently Barbados (acquiring 50.5 % of Roberts Manufacturing Company from Massy Properties).

Proven has now extended its operations to four arms, namely:

1. Wealth management (62% of total revenue)
2. Retail lending (12.29% of total revenue)
3. Private banking (10.59% of total revenue)
4. Real estate and other (15.16% of total revenue)

The Christopher Williams-led financial institution has gained a reputation for its equities portfolio management, more so structured products, mutual funds and real estate.

In November 2019, Proven unveiled its 99-unit VIA at Braemar residential project which set a new standard in modern apartments in the capital city. Overseeing VIA at Braemar, is wholly owned subsidiary of Proven Investments Limited, Proven REIT Limited.

On announcing this landmark project, Proven already had over 85 per cent of the units sold. The building stands as a testament to creativity and style, heralding a new era for residential real estate development in Kingston.

For the financial year 2019/20, Proven posted net revenue of US$70.2 million almost double the US$37.7 million posted for the prior year. This generated an operating profit of US$32.3 million, almost three times the US$11.5 million posted for financial year 2018/19. Total assets for the year under review came to US$613 million.

Proven is inviting the public and shareholders to participate in an APO ( upsized to 134,124,037 ordinary shares) which opened on January 8 and closes on January 29, 2021.

It is looking to raise US$30.3 million (J$4.3 billion) with much of the proceeds going into investing in new opportunities beyond the financial sector.

This sees Proven continuing with its growth trajectory and lending its expertise to new enterprises across the business sector and across the Caribbean.

Proven Investments chairman Hugh Hart put it best when he said: “While we are more likely to seek investments in our core areas of expertise, such as financial services, we remain alert to take advantage of opportunities as they arise.”

The offer price is US$0.23/J433.50 for the general public and a discounted price of US$0.225/J$32.80 per share for existing shareholders.

This is an opportunity for investors buying into a company that has already demonstrated growth and creativity and is looking to do even more of that in the third decade of the new century.

Proven is not limiting itself to just the financial sector and has now ventured into manufacturing.  It is looking to widen its revenue streams and insulate itself against exogenous shocks.

The APO is expected to get a favourable reception – Proven by name, Proven by nature. The last ten years saw it in acquisition mode, the next decade sees a deepening of that approach as it extends its footprint across sectors and territories.

Scotia Investments is recommending investors participate and is of the view that the offer is fairly valued.

NCB Capital Markets is also recommending that investors accept the offer to purchase Proven Investments Limited’s ordinary shares.