Capital & Credit Merchant Bank (CCMB) hosted a special briefing for local stockbrokers, to explain and clarify their role in the Bank’s historic, Renounceable Rights Issue.
At the briefing, which was held at the Knutsford Court Hotel in Kingston, CCMB President Curtis Martin informed the audience that the Rights Issue is being undertaken in a context of fundamental change in the Bank’s operations. Specifically, Mr. Martin noted that Capital & Credit intends to effect a total turnaround, by going after bigger spreads and a smaller balance sheet, rather than the usual practice of taking smaller spreads in the context of a larger balance sheet. He also announced that the Bank intends to grow its asset base by 20%, and expand its Earnings per Share by 20% in the long term.
The CCMB President also used the opportunity to signal to the market that the Bank will aggressively expand its loan portfolio, by introducing new products and using persuasive marketing.
The CCMB President also used the opportunity to signal to the market that the Bank will aggressively expand its loan portfolio, by introducing new products and using persuasive marketing.
With the success of the Rights Issue being dependent, in part, on the skills of stockbrokers, Senior Vice-President and General Manager of Capital & Credit Securities Limited, Devon Barrett explained the mechanics of administering the Rights Issue, from the brokers’ perspective.
With the success of the Rights Issue being dependent, in part, on the skills of stockbrokers, Senior Vice-President and General Manager of Capital & Credit Securities Limited, Devon Barrett explained the mechanics of administering the Rights Issue, from the brokers’ perspective.
This special meeting was also addressed by Assistant General Manager, Market Operations, of the Jamaica Stock Exchange (JSE), Wentworth Graham, who explained the rules and policies that will govern this inaugural Rights Issue exercise on the JSE; and Elizabeth Henry of Veritat Corporation, the Registrar and Transfer Agent for the Rights Issue.
Capital & Credit Merchant Bank’s Rights Issue will be the first to be traded on the Jamaica Stock Exchange. This is the latest in a series of “firsts” for the Bank.
CCMB was the first Merchant Bank to be listed on the Trinidad & Tobago Stock Exchange; the first Merchant Bank to achieve Shareholder Equity of J$2 billion, and the first to introduce revolutionary money market products, that offer clients interest up front.
CCMB’s historic Rights Issue involves the offer of nearly 59 million shares (58,880,000), at J$20.50 per share – a 1 in 10 offering.
The Rights Issue officially opens on October 12, 2005, and will close on October 31, 2005 at 4:00 p.m.
The Rights Issue officially opens on October 12, 2005, and will close on October 31, 2005 at 4:00 p.m.
