LISTING CEREMONY
CARLTON SAVANNAH REIT (JAMAICA) LTD. ORDINARY SHARES
Mrs. Marlene Street Forrest – General Manager JSE – Presentation
Moderator: Mr. Robin Levy-General Manager- JCSD & Deputy GM -JSE
Chairman JSE: Mr. Curtis Martin
Mr Garfield Sinclair: Chairman – CarltonSavannah REIT (Ja) Ltd.
Mrs. Fayval Williams: Executive Director – CarltonSavannah REIT
Mr. Wentworth Graham: Chief Regulatory Officer – JSE
Members of the Media
Distinguished Ladies & Gentlemen – Good Morning.
Today marks an important day in the history of the Exchange and Carlton Savannah REIT (Jamaica) Limited, the Company which is to be listed. It is important because we move closer to fulfilling our commitment to the market to have new and different products listed on the Exchange.
We must once again congratulate the directors of Carlton Savannah REIT for working through the conceptual processes in order to offer investors something new. It was a bold step which was rewarded with investors partaking of 68.8 Million Ordinary Shares, valued at $406.6M. Especially in our current financial environment new regulated initiatives must always be lauded and as an Exchange we welcome companies such as Carlton Savannah REIT (Jamaica) Limited, that are willing to make bold moves.
With the listing this morning of Carlton Savannah REIT (Ja) we will have a total of three (3) Companies Listing Ordinary Shares since the beginning of the year and Six (6) companies Listing Preference Shares. The total capital raised by way of Preference Shares has amounted to just over $1.34 b. Carlton Savannah REIT is however the first company since the beginning of the year to raise capital by offering of Ordinary Shares.
It is to be expected that this Company will be closely watched by both analysts, investors and the market in general to see whether, the Company itself will provides the market with proper disclosure and investors with a reasonably return on investment. As the “new kind on the block” in every respect, Carlton Savannah REIT’s performance and attention to good governance will pave the way for more REITs on the market. This responsibility is enormous. Equally, the market will be observing whether the Exchange will ensure that proper regulatory attention is provided. Carlton Savannah REIT (Jamaica) Limited, unlike other listed companies will provide to the market not only Financial Reports on the listed company but will also provide Financial Report and other market announcements on the management company. Analyst will have a chance to turn the spot light on both entities. For Carlton Savannah REIT to have committed to this as a condition for listing, demonstrates a deep commitment to the investing public and also the Company’s recognition of the importance of market transparency.
The Exchange wishes to Company success and again congratulate them as a market leader. We wish to take this opportunity to encourage other companies to make the exchange the place of choice for raising of capital in order to foster the long term growth and development of their companies.
