NEWS RELEASE
FOR: IMMEDATE RELEASE
FOR: MAYBERRY INVESTMENTS LIMITED (MIL)
September 15, 2010
LASCO OFFERS CLOSED
Kingston: Mayberry Investments Limited (MIL) lead broker in the proposed admission of Lasco Manufacturing Limited, Lasco Distributors Limited & Lasco Financial Services Limited to the Junior Market of the Jamaica Stock Exchange is advising the public that the offers have closed as at 9:03 am this morning.
Over 2,000 applications have been received in excess of the 269.2 million shares valued at $2.50 on offer across all three companies. The majority in number of the applications received were from retail investors.
All applications received prior to the opening of the Invitation at 9:00 a.m. were treated as all having been received at 9:00 a.m. and dealt with at that time on a first come, first served basis as stated in the terms and conditions set out in the Prospectuses.
MIL is advising the public that due to the overwhelming response to the share offer, the allocation will be done on a proportional basis. All Applicants should note that they may receive a smaller number of shares than they have applied for, as all three companies reserve the right to allocate on a proportional or other basis to be determined in its sole discretion.
Lasco Distributors Ltd
The Company is primarily responsible for the distribution of the LASCO group of companies’ branded food, household, pharmaceutical, personal care, and baby-care products in Jamaica. If successful the company intends to use the proceeds for expansion of its warehouse space, working capital support as well as business development into additional products.
Lasco Manufacturing Ltd
The Company was incorporated in October 1994 as LASCO Foods (Successors) Limited and changed its name to LASCO Manufacturing Limited on May 31, 2010. The Company comprises the business of LASCO Foods Limited which it is in the process of amalgamating with that of its own. The enlarged Company will operate both a Manufacturing Division which primarily produces milk and soy products such as the popular LASCO Food Drinks, and an International Division for exporting LASCO’s ranges of co-packaged foods to over 20 countries.
Lasco Financial Services Ltd
The Company, Lasco Financial Services Limited (LFSL) is in the process amalgamating its business with the businesses of LASCO Remittance Services Limited, and LASCO Properties Limited. When the amalgamation is completed the Company will operate 3 divisions: (1) Remittance, (2) Financial Services, and (3) Properties. The amalgamated Remittance Division, an agent of the international money transfer company, MoneyGram International operates through 60 locations of which 5 are proprietary branches of the Company and 55 are appointed sub-agencies. The Financial Services Division operates the Company’s cambio business, which also provides the Company’s bill payment, courier, payroll loan, wire transfer, and certified cheque / draft services. The Company is in the process of acquiring the real properties of its affiliate LASCO Properties Limited by way of amalgamation to have effect as from 31st March. Lasco Properties Limited is the owner of real properties located at 1 Barbados Avenue and 1 Westminster Close.
CONTACT: Gary Peart/Tania Waldron-Gooden TEL: 382-7385/383-2618
