Margaritaville (Turks) Ltd., Historic Double Listing On The Jamaica Stock Exchange (JSE)

For the very first time in the history of the JSE, there were two listing on the different markets of the Exchange. This historic milestone occurred when Margaritaville Caribbean listed its Preference Shares by way of Introduction on the JSE Main Market and Margaritaville (Turks) Ltd. listed its Ordinary shares on the US Securities market on Friday, April 11, 2014.

 

Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange in welcoming the audience, stated that “With the listing of Margaritaville (Turks) Ltd., today we will have the second company on the US Dollar Equities Market.  As at April 10, the market capitalization of this market amounted to US$54.56m and will increase to US$61.31m at the start of trading with the listing of Margaritaville (Turks) today. The initial public offer which opened on March 3, 2014 at an invitation price of US$0.10 per share and which closed on March 28, 2014 was oversubscribed. Through this subscription the company has increased by 211 the number of shareholders it now has. The Company’s 67,500,000 Ordinary shares will be listed on the US$ Equities Market today at a price of US$0.10 and will trade under the symbol MTL. We wish to congratulate the Company and its shareholders and anticipate an increase in the value of the Company and by extension the value of these shares. While Margaritaville Caribbean, 60,809,955 cumulative redeemable preference shares each having a unit price of $0.05 will be listed on the main market at the Jamaica dollar equivalent of $5.48. The Company will trade under the Symbol MCL9”

 

She further stated that “At the Exchange our aim is to serve shareholders and  companies alike, always ensuring that there is a fair and efficient market on which securities can be traded, custodied and settled. We will ensure that the information that you will provide to us will be communicated to your shareholders in a timely manner. The work now continues for both Companies to ensure that proper disclosure, good corporate governance and your mission for providing the best quality food and entertainment continues”. 

 

Mr. Ian Dear, Chief Executive Officer, Margaritaville Caribbean & Margaritaville (Turks), in his presentation stated, “I will actually begin my message by thanking my new best friends, partners and shareholders—the 214 applicants that helped us raise $2,117, 810.00. Proven Wealth did such a wonderful job in delivering and communicating our vision that the level of support received is a clear indication of the amount of confidence that all of you have in us. We intend to surpass the expectations of all of our investors for many years to come”.

 

He went on to state that “ It has been some 18 years since we opened up a little restaurant on Bottom Road in Montego Bay – who would ever imagined that in 2014, we would have 26 multi-faceted venues across Jamaica, Grand Cayman and Grand Turks. Mind you, back in 1995 when we first started, we had envisioned being a regional player. However, the fact that it has become a reality is an entirely different story. I have to give credit to the 800 plus employees that we have now and our ability to persevere through some very tough times to make our vision a reality”.

 

PROVEN Wealth Limited President & CEO, Mrs. Chorvelle Johnson speaking at the listing ceremony stated “PROVEN Wealth Limited has garnered many first in 2014, being the first company to list a Junior Market company in 2014, with the listing of Knutsford Express, the first Member Dealer to have a double listing and on two different markets and the first Member Dealer to assist a company to list on the US Denominated market”. She thanked all those who worked together to ensure the successful listing of Margaritaville (Turks) and Margaritaville Caribbean Limited and told the market that there will be other listings as her company is currently in discussions with other companies to bring them to the market.