JMMB Group Limited (JMMBGL) – Additional Share Offer Basis of Allotment:
JMMB Group Limited (the “Company”) has made an invitation for subscription (the “Invitation”) in respect of 266,737,797 New Ordinary Shares, with the ability to upsize to a maximum of 325,000,000 New Ordinary Shares (the “New Ordinary Shares”) subject to a prospectus dated 15 October 2019 (the “Prospectus”).
The Invitation closed on the Thursday November 7, 2019 at 3:00p.m. in Jamaica and 4:00 p.m. in Trinidad and Tobago. The offer was oversubscribed by 92.50%, with a total of 15,039 applications for New Ordinary Shares valued at J$19.05B being received. The Directors have exercised the option to upsize the Invitation to 325,000,000 New Ordinary Shares.
The New Ordinary Shares were allotted using a “bottom up” basis in tranches of 3,000 New Ordinary Shares and increments of 1,000 New Ordinary Shares as set out at Section 21, paragraphs 9-10, of the Prospectus.
The basis of allotment is as follows:
– 150,000,000 Reserved Shares
Applications received and accepted in this pool totaled 159,243,700 units. The pool was upsized by 9,243,700 units or 6.16% New Ordinary Shares for a total of 159,243,700 New Ordinary Shares.
Key Investors were allotted 100% of this amount of New Ordinary Shares.
EXISTING SHAREHOLDERS AND TEAM MEMBERS
– 80,000,000 Reserved Shares
The Pool was oversubscribed by 128.80% and was upsized by 33,592,207 New Ordinary Shares or 41.99% New Ordinary Shares for a total of 113,592,207 New Ordinary Shares.
All Existing Shareholders and Team Members who applied for less than 1,068,000 New Ordinary Shares were given full allocation.
The remaining New Ordinary Shares were allocated sequentially in tranches of 1,000 until the New Ordinary Shares in this Pool was exhausted.
NON-RESERVED SHARE APPLICANTS
– 36,737,797 Non Reserved Shares
This Pool was oversubscribed by 341.71% and was upsized by 15,426,296 New Ordinary Shares or 41.99% New Ordinary Shares for a total of 52,164,093 New Ordinary Shares.
All Non-Reserved Share Applicants who applied for less than
19,000 New Ordinary Shares were given full allocation.
The remaining New Ordinary Shares in this pool were allocated sequentially in tranches of 1,000 until the New Ordinary Shares in this Pool was exhausted.
Refunds to Applicants whose Applications were not met in full will be made as follows:
- Refunds to Applicants who are clients of JMMB will be credited to their accounts by end of day on 20 November, 2019.
- Refunds to Applicants who are not JMMB clients will be made available to the selling agent/location where the Application was first received by 20 November, 2019.
All Applicants will receive a formal letter from the Registrar advising them of their respective allotment of Shares in the Company in due course.
It is anticipated that the New Ordinary Shares will be listed and begin trading on the Jamaica Stock Exchange (JSE) and the Trinidad and Tobago Stock Exchange on 20 November, 2019.
JMMB Group Limited wishes to thank all Applicants in the Offer, and in particular, our loyal and valued shareholders for having confidence in us and making our Additional Public Offer of Shares the largest public or private offer of ordinary shares in Jamaica’s history.