Durrant Pate/Contributor

No vote was taken by the board of lighting and energy company, FosRich at its directors’ meeting on February 12.

It was anticipated that the board at that meeting would have voted to recommend to shareholders an equity raise through an additional public offer (APO) of shares in the company, but no vote was taken. 

However, the board, led by husband and wife duo Cecil Foster as managing director, and Marion Foster as executive director and chairperson, did discuss the APO and will reconvene the meeting on a date to be decided to continue discussions.

This meeting will further consider the issue of an equity raise or a combination of a debt and equity raise more in the form of an APO. FosRich is looking to return to the equities market to raise funds through an APO to continue to grow the business.

Last August, FosRich successfully executed a rights issue by first splitting its stock 10 for one and increasing its authorised capital 30-fold from nearly 513 million to 15 billion units. As part of the successful rights issue, the company successfully allocated 55.72 million additional shares.

FosRich had raised J$139 million from the rights issue, which opened in June 2023. The company has been using the proceeds to complete phase two of its 30,000-square foot fulfillment centre on Molynes Road in St Andrew.