Mrs. Marlene Street Forrest, Managing Director, JSE in her welcome remarks, stated that “It was on December 17, 2013 when we welcomed Derrimon Trading Company Ltd., to the Junior Market, and in March 2015 again when it raised $250M through its offer of 125 million 11.75% Redeemable Preference Shares to the market. Today, we wish to congratulate Derrimon on a repeat performance with the listing of its Preference Shares which raised $350M. The company would have raised through the market a total of $750.34M. Today, as we list these 9% Fixed & Variable Rate Cumulative Preference Shares, we simultaneously delist the 11.75% Redeemable Preference Shares.” Mrs. Street Forrest continued to note that the Exchange was also pleased with information received from its Regulatory & Market Oversight Division that this Company operates within the JSE’s guidelines and appreciates good corporate governance. In closing, she also congratulated Mayberry Investments Ltd, the lead broker and the team which supported this offer. This is Mayberry’s 20th security that it has brought to list on the JSE Junior Market and it also 20th Anniversary of the Jamaica Central Securities Depository (JCSD) a subsidiary of the JSE. Mrs. Street Forrest asked the many companies that have benefited from raising capital and listing on the Exchange, to encourage other companies to do likewise.
Mr. Derrick Cotterell, Derrimon Trading Company Ltd., Chairman and CEO in his remarks, thanked the JSE, the Mayberry team, attorneys and the shareholders for the confidence in the Company’s management team. He noted that they were doing their best to grow the company for all the stakeholders and Jamaica on a whole. He also made mention of the road infrastructure and buildings that are being constructed across the island and indicated that these are also signs of growth in the country and therefore businesses like Derrimon Trading are looking for opportunities that these other developments will present.
Mayberry Investments Limited CEO and JSE Director, Mr. Gary Peart, in his remarks, gave an overview of Derrimon Trading history on the Stock Market since 2013 when they came to Market. At the time the company was valued $78M and now that value is over $1 Billion. He also stated that the company’s listing price was $2.50 per share in 2013 and as at April 18, 2017, it traded at $9.31. He noted that is real money for investors. The Company in 2013 operated from four locations and it has expanded to eight. The company has also made a number of acquisitions including another listed company in Caribbean Flavor & Fragrance Ltd. Mr. Peart ended by encouraging investors to use the Market to improve their standard of living.
