Durrant Pate/Contributor 

Jamaican energy company Tropical Battery is seeking fresh capital for its expansion programme and is set to tap the capital market this year with an additional public offer (APO) of shares.

The company crossed the first hurdle recently with shareholders approving three resolutions at its March 20 annual general meeting (AGM), setting the stage for the capital raise. The shareholders approved that the company be authorised to issue new ordinary shares by way of an offer for subscription to the public pursuant to an APO.

This is in lieu of a rights issue to existing stockholders, which is a second fundraising option. Shareholders also approved that the board of directors of the company and/or any duly appointed board committee be authorised to determine in their discretion any terms and conditions relating to the APO.

These include any pre-emption rights to which the existing stockholders may be entitled, howsoever arising, and be disapplied for the purposes of the APO and that all ordinary shares issued in the APO once issued and allotted be converted into stock units. 

Tropical Battery was listed on the junior market of the Jamaica Stock Exchange (JSE) following a successful initial public offer (IPO) in September 2020 of up to 325 million ordinary shares, priced at J$1 per share. Testament to the IPO’s success that it was oversubscribed and closed within seven hours of opening.

Preparing for main market listing

In the meantime, Tropical Battery is preparing to migrate to the main market of the JSE and to this extent is announcing the appointment of Marc Ramsay as independent director to the company’s audit and risk committee. The appointment took effect May 5. 

Ramsay has served on Tropical Battery’s board of directors since January 13, 2020. He is an attorney-at-law admitted to the bar in Jamaica, Barbados, and Belize, and is a professionally accredited director and corporate secretary. 

As managing partner of Ramsay & Partners, he specialises in mergers and acquisitions, finance, and international trade, and advises clients including Diverze Assets Inc., Tropical Battery, and the Chukka group. Ramsay also serves as an approved JSE mentor and has held various leadership roles across both public and private sector boards.

This appointment enables the audit and risk committee to meet the corporate governance requirements of the JSE Main Market. The Tropical Battery board welcomed Ramsay to his new role and looks forward to his contributions in strengthening the company governance framework and supporting its long-term strategic goals and value creation for shareholders.