JSE PREFERENCE SHARE OVER-SUBSCRIBED BY 88%
The Jamaica Stock Exchange Limited made a public offer of 33 million five-year
Redeemable Variable Rate Preference Shares at $2.00 per share. This offer pays
dividend comparable to the higher of Government of Jamaica Weighted Average
Treasury Bill Yield (having a tenor of between 178 and 184 days) fixed at the
beginning of every 6 month period and interest rate paid on open market instruments
issued by the Bank of Jamaica that have 180 days tenor.
The offer which was opened on May 16, 2008 and closed on May 30, 2008, and slated to raise $66 million was over-subscribed by 88%. Applications were received from prospective investors for 62,153,411 share units, valued at over $124.27 million.
“We are very pleased with these results as the over-subscription by the public for the Stock Exchange’s Shares signifies the level of confidence the public has in the Exchange,” said Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange. She went on to say, “It is quite heartening to see that persons from all walks of life subscribed for the company’s shares.” “We are humbled by the confidence investors have shown in the Exchange and we stand ready to ensure that this confidence remains”, added Mrs. Street Forrest.
The JSE wishes to express its sincere gratitude to all who assisted in the effort to allow for its successful IPO. We are grateful to NCB Capital Markets Limited, our lead Broker, all the Brokerage Community, our attorneys Patterson, Mair, Hamilton, the JCSD Registrar Services Unit and to Deloitte and Touche for their invaluable contribution.
