(KINGSTON December 21, 2010): The Jamaica Stock Exchange was abuzz with activities on the occasion of the listing of the 7th company (Dolphin Cove) on the Junior Market for 2010. Dolphin Cove listing brought the number of companies on the Junior Market to eight.
Mrs. Street Forrest, General Manager of the JSE was very exuberant at the listing ceremony; she told the audience that “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:
Ø 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.
Ø The Company is also the first Company to be listed by a broker other than Mayberry.
Ø It is the first entertainment company on the Junior Market. It is also the first company from a parish other than Kingston & St. James”
She went on to state that, “To our investing public this is a good 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
Also 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%”.
Mr. Stafford Burrowes O.D., President & Chairman of Dolphin Cove took the occasion to thank all those who assisted in the process, from the shareholders, for their overwhelming support and the confident that they showed in Dolphin Cove with the offer being oversubscribed, to the Member Dealer, PanCaribbean who took them to market and the hard work that they did in the process. To his staff at Dolphin Cove which ensured that they had an excellent product to take to market and to the media for covering all their events.
Miss Joanna Banks; Asst. Manager Structured Products – Pan Caribbean Financial Services Ltd, told the audience that “We at PanCaribbean could not be any more proud to have partnered with a company of this calibre. I have to first thank Stafford (Burrowes) and Marilyn (Burrowes) for giving us an opportunity (and an extremely easy job) of bringing them to the market. We truly believe that they represent the type of company that the Junior Market was designed for: extremely valuable in its current state but poised on the cusp of an exceptional period of growth. The response that we got from the market confirms this. Not only was the Offer massively oversubscribed but we had notable participation from all segments: pension funds, corporate, brokers, high networth and small investors”.
An obviously pleased Marilyn Burrowes; V.P. Marketing/Director – Dolphin Cove, inserting the Dolphin Cove’s strip on the Junior Market Board, which indicates the official listing of the company on the Junior Market. Looking on from, L-R are Stafford Burrowes; President & Chairman of Dolphin Cove, Donovan Perkins; President & CEO of PanCaribbean Financial Services Limited, Marlene Street Forrest; General Manager of the Jamaica Stock Exchange, Joanna Banks Asst. Manager Structured Products – Pan Caribbean Financial Services Ltd., R. Danny Williams; Chairman of Sagicor Life, Noel Levy; Director – Dolphin Cove Ltd and Wentworth Graham, Chief Regulatory Officer, Jamaica Stock Exchange.
