LISTING CEREMONY
JAMAICA MONEY MARKET BROKERS LIMITED PREFERENCE SHARES
It is indeed a pleasure to welcome you to this ceremony which marks the official listing of 3,022,000 units of JMMB Cumulative Redeemable 12.15% Preference Shares. This, ladies and gentlemen, is the initial listing of this security which has an offer period ending in November 2008. It is truly a creative way of raising capital as it allows investors a longer window within which to take advantage of this offer. For those who are not aware, this listing comes just over two months after JMMB’s successful listing of its Cumulative Redeemable 12% and 12.25% Preference Shares. I am pleased to note that as with those two issues, this issue continues to have the support of investors.
This brings the number of listings for the year to three and makes JMMB the only company which has ever had three consecutive listings since the inception of the Exchange. As we are speaking of firsts, JMMB is the only company to have a listing of Ordinary shares and with today’s, a listing of three types of preference shares, which bring the number of securities listed to four.
I believe we will have a record year in respect to the number of listings on the Exchange and I want to take this opportunity to encourage companies – small, medium and large – to consider the raising of capital through the market as a creditable alternative to debt financing. I am happy for JMMB’s listing today, as each time a company such as JMMB returns to the market to raise and indeed raises capital, it becomes a testimony to others of the advantage in raising capital through this medium. Also each time that the public participates in issues such as this it is an endorsement that investors have confidence in the company in which it has invested and in the stock market.
We wish to continue to gain the trust and confidence of potential listed companies and investors in the stock market and as such, I am pleased to inform you that today, as we celebrate the listing of this preference shares, the Stock Exchange has much to be proud of. The Jamaica Stock Exchange has completed the process of ensuring that the Regulatory Activities of the Exchange are separated from the Commercial Activities and today marks the start of our new division called the Market Regulatory Division. This is in an effort to ensure that the Exchange provides the greatest level of transparency in the regulation of all our listed companies.
JMMB has demonstrated that it understands the importance of being a regulated entity and has displayed good corporate governance. Research has shown that there is a strong correlation between good corporate governance and how a company’s share is valued. We take this opportunity to encourage JMMB in its pursuit of excellence.
