Durrant Pate/Contributor

Kintyre Holdings, formerly iCreate Limited, will no longer be proceeding with the execution of its rights issue, which was previously approved by shareholders in October 2022.

While the rights issue had received all necessary corporate approvals and documentation was submitted to the regulators, the execution did not proceed as the fundraising team, including capital market advisors, failed to secure the requisite regulatory approvals within the expected timeline. 

The board of directors has resolved not to proceed with this current rights issue, formally cancelling it under the terms expressed at that time. In addition, the Kintyre board will be convening a meeting on April 23, to consider a new rights issue.

This proposed offering will form part of the company’s broader capital strategy to support its strategic growth initiatives, upcoming acquisitions, joint venture opportunities Investments across Kintyre Holdings’ business divisions and subsidiaries

Chairman, president & CEO, Tyrone Wilson says, “Additional details regarding the structure, terms, and timeline of the proposed rights issue will be communicated following the board’s deliberations and will remain subject to the appropriate regulatory and shareholder approvals. Kintyre Holdings (JA) Limited remains committed to delivering long-term shareholder value and will continue to keep the market fully informed as developments unfold.”

Shareholders approve rights issue

The Rights Issue was approved by shareholders at the company’s extraordinary general meeting in 2022 to raise capital amounting to J$425 million to complete the acquisition of Visual Vibes.Com Limited, one of the leading video board advertising companies in the country.

When the rights issue was initially mooted in 2022, it had a target of J$55 million but this was increased to J$425 million and later approved by shareholders.