DOLPHIN COVE LIMITED
Moderator: Mr. Robin Levy – General Manager JSE and DGM JCSD
Members of the Board the JSE
Mr. Stafford Burrowes O.D. – President & Chairman –Dolphin Cove
Mr. Wentworth Graham– Chief Regulatory Officer – RMOD
Miss Johanna Banks – Asst. Manager Structured Products – Pan Caribbean Financial Services Ltd.
Members of the Media
Distinguished Ladies & Gentlemen – Good Morning and Welcome
Since the inception of the Junior Market, small and medium sized companies have raised by Initial Public Offering a total of $995.36 Million. The listing of Dolphin Cove today is very special as of the eight companies to have issued IPO it has achieved many firsts:
· This issue has raised the most capital. A total of 80 million shares at a price of $3.00 and valued at $240 million was raised in minutes of the opening of the offer on December 9, 2010.
· The Company is also the first Company to be listed by a broker other than Mayberry.
· It is the first entertainment company on the Junior Market. It is also the first company from a parish other than Kingston & Montego Bay.
I remembered when the attraction was just opened some years ago my family decided to visit and we received such a warm Jamaican welcome. I am therefore not surprised that the Company contemplated and has actually invited so many more Jamaican investors to be shareholders. We are indeed proud that through the hard work of the Team from Pan Caribbean and Dolphin Cove this company will now be listed. We will be adding Five Hundred and Twenty-Nine (529) new investors to the market. Since the inception of the Junior Market until now we have grown the pool of equity investors. Over 4,337 new investors have been added and if properly serviced by our brokers we know they will have long-term commitment to the market. This is significant as one of the desired out-come of the Junior Market is that there would be an expansion of ordinary Jamaicans taking advantage of the Equities Market.
To our investing public this is a good to note to end the year on because as at December 20, 2010, the market capitalization of the Junior Market stands at $5,763,633,611.30 and with the addition of Dolphin Cove’s $240 million, the Junior Market Capitalization will be will J$6 billion. Just over a year after the initial market capitalization of
As at December 20, 2010, the Junior Market has appreciated by 107.62%. Compare this with the last 182 Treasury Bill with an average yield of 7.61%.
I wish to congratulate the new investors and to encourage them to take an active part in the Companies to which they are now shareholders. Let us have emerging from these listings a new crop of shareholders who will attend Annual General Meetings, read the Companies financial reports and ask the relevant questions of the Board and Management.
I also wish to acknowledge the new support team that both the Companies and the Exchange is developing, those are our mentors.
These knowledgeable professionals are there to support the Junior Market Companies in areas such as good corporate governance. I applaud them for taking on this role which helps to strengthen these companies and the market.
Gauging from the plans set out in the prospectus, if realized, we expect to see good performance from Dolphin Cove with possible expansion within Jamaica and the Caribbean. With listing like these, the country will be poised for growth in the medium to long term. The Exchange wishes the Company success and again congratulates you as a market leader.
We wish to take this opportunity to thank all the Companies that have listed so far on the Junior Market. With Dolphin Cove’s listing we were able to keep our promise to investors that there would be eight companies this year in which they could invest. It was quite a year for listings and the team at the Jamaica Stock Exchange thank you all for making it the Stock Exchange where we promise to provide you with a safe efficient and transparent stock market.
Once again, we welcome you all to the Exchange and please remember that our doors are always open.
