PROVEN extends share offer

Business

PROVEN extends share offer

CEO says a majority of applicants remain subscribed

Wednesday, April 01, 2020

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Proven Investments Limited has extended its additional public offering (APO) closing date to June 5, 2020. The offer was initially scheduled to close yesterday.

Shortly after the first case of the novel coronavirus (COVID-19) was confirmed in Jamaica, and as a result of the heightened disruption triggered by the intensification of the disease, PROVEN made a decision to suspend applications for subscription of the additional shares.

According to Christopher Williams, president and CEO of PROVEN Management Limited, the offer remains suspended until further notices.

“We're obviously watching the disease and how Jamaica is responding to it. When we think it's under control and people can return to focusing on investments then we will shift to that,” Williams told the Jamaica Observer.

He added that while applicants were given the offer to refund subscriptions, a majority of the investors have chosen to leave their applications and await the lifting of the suspension.

“To me, the time to invest is when opportunities abound and at a good price and we're seeing opportunities at good prices. We think that now would be a good time to invest in the PROVEN APO to take advantage of the attractive market prices that exist because of COVID-19. In addition, while we accept that the disease is an unfortunate occurrence, we also accept that it is a temporary occurrence. We know that it will affect us economically for 12 to 18 months, but in an investment world, that time is nothing,” Williams said on whether he believes the impact of the disease will hit investments in the stock markets.

“I wouldn't expect someone to buy shares in PROVEN just for a 12-18-month time frame. PROVEN has demonstrated for over 10 years that it is in a position to manage different crises, so we expect to come out with good opportunities,” he continued.

PROVEN invited the public to buy into a maximum of 267,857,143 new ordinary shares at a price of US $0.28 or $38.64 per, so as to raise $4 billion or the equivalent of about US$30 million to execute on already-identified opportunities particularly in the finance sector in the English-speaking Caribbean as well as Jamaican real estate.

Some of the funds raised will go towards the execution of the VIA at Braemar, a 99-unit, 10-storey apartment building in New Kingston. The development was designed for the Jamaican middle class, with studio units selling for about $21 million and one-bedrooms for $27 million.

The company also recently broke ground on AVISTA at Bloomfield, a residential complex on nine acres in Mandeville at Bloomfield, near the MegaMart supermarket. The property will be designed as an Airbnb/hotel and residential development, but rather than the tourist market, it will target the local commercial market.


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