Jamaica-dollar subscriptions continue until scheduled closure on January 29

Effective today, PROVEN Investments will no longer be accepting US-dollar subscriptions in its additional public offer (APO), which is scheduled to close this Friday (January 29).

However, the private equity and real estate development company will continue to accept Jamaican dollar subscriptions until the closing date. The company advised that its decision to discontinue accepting US-dollar subscriptions is based “on the applications for subscriptions already received in its additional public offering, and in compliance with the Bank of Jamaica (Dealings in Foreign Currency Instruments) (Proven Investments Limited) (Additional Public Offer for issuance of US dollar shares) (Exemption) Order, 2020”.

Proven advised via a regulatory notice to the Jamaica Stock Exchange that,  “it will only be accepting further applications for subscriptions, which are denominated in Jamaican dollars, with effect from January 25, 2021.”

PROVEN upsized APO last week as subscriptions go well

Last week, PROVEN announced that it was upsizing its APO based on the growing number of subscriptions being received. Pursuant to the prospectus dated December 23, 2020, PROVEN Investments has enforced its option of upsizing the APO in excess of the 89,416,037 new ordinary shares by an additional 45 million shares to a maximum of 134,124,037 new ordinary shares.

The 10-year-old PROVEN Investments is seeking to raise US$30.3 million (J$4.4 billion) from the APO, which opened on January 8. The APO initially came on the market in March last year but was suspended days later on March 13 due to the emergence of the novel coronavirus in Jamaica, which saw contemplative and uncertain market conditions.

PROVEN’s original March 2020 APO offer was priced at US$0.28/J$38.64 with the new APO being priced from 18 to 21 per cent lower to US$0.23/J$33.50.

Christopher Williams, co-founder, president and chief executive officer (CEO) of PROVEN, is confident in the ability of PROVEN Investments to garner full equity support to achieve this goal. The proceeds will be used by the company to build its capital base and pursue expansion and acquisition opportunities.