Former CEO to get 42.3 shares in the new bank for his equity

Durrant Pate/Contributor

Jamaica-based regional financial group, Proven has spelt out the details of its purchase of the remaining shares in its St Lucian subsidiary, Bank of St Lucia International Limited (BOSLIL).

Directors of Proven Group passed four resolutions at their Board meeting on October 16, paving the way for the purchase of the remaining shares to add to the 75 per cent, which it currently holds. These shares were purchased from East Caribbean Financial Holding Company Limited back in 2017.

At the end of this process, Proven will hold the entire issued share capital of BOSLIL Bank with the acquisition of shares approved on August 31 by the Financial Service Authority of St Lucia, the regulator of BOSLIL Bank. BOSLIL is an international bank located in St Lucia with branches in Panama and Uruguay, and is regulated by the Financial Services Regulatory Authority (FSRA) of St Lucia. 

Details of the resolutions

In the first resolution, the Proven board approved the purchase of 13,803 ordinary shares in the capital of BOSLIL Bank, being 25 per cent of the equity of the Bank from the former CEO, Ryan Devaux. This is being done pursuant to an Agreement for Sale between Proven and Devaux.

The second resolution states that the settlement of the purchase price under the Agreement is by way of the issue of 42.3 million new issued ordinary shares to Devaux. The third resolution approved further states that the deemed subscribed price for the Settlement Shares be US$0.2413 per share, which is the publicly traded US share price of PROVEN ordinary shares on the Jamaica Stock Exchange (JSE) on July 20, 2022.

The final resolution proposes that an application be made for these shares to be listed on the JSE, subject to the discretion of the exchange. International banking is historically a robust sector in the Caribbean and BOSLIL has a strong team and an established track record in the sector. 

The acquisition has provided a solid platform for further growth for Proven Investments Limited.