Productive Business Solutions Limited (PBS) – Perpetual Preference Shares Basis of Allotment

Reference is made to the prospectus dated July 27, 2022 issued by Productive Business Solutions Limited (the “Prospectus”) and the Addendum to the Prospectus dated September 8, 2022.

The Offer closed on Friday September 9, 2022 at 3:30 p.m. and was oversubscribed. The Directors of the Company have exercised the option to upsize the Perpetual Cumulative Redeemable 9.25% Fixed Rate US$ Preference Shares by 500,000 Perpetual Cumulative Redeemable 9.25% Fixed Rate US$ Preference Shares AND to upsize the Perpetual Cumulative Redeemable 10.50% Fixed Rate J$ Preference Shares by an additional 350,000 Perpetual Cumulative Redeemable 10.50% Fixed Rate J$ Preference Shares as provided for in the Prospectus and the Addendum. The Preference Shares were allotted as follows:

US$ Preference Shares J$ Preference Shares
Reserved Pool General Public Reserved Pool General Public
This pool was fully subscribed and all applicants will be allotted 100% of the amount applied for. This pool was over-subscribed and all applicants will be allotted the first 3,000 shares applied for and 37.18% of the balance of the amount applied for. N/A This pool was over-subscribed and all applicants will be allotted the first 2,000 shares applied for and 74.67% of the balance of the amount applied for.

Refunds to Applicants whose applications were not met in full will be made as follows:
I. Refunds to Applicants who are clients of JMMB will be credited to the accounts stated in their application by end of day 16 September 2022.
II. Refunds to Applicants who are not JMMB clients will be made available to Barita Investments Limited by 16 September 2022 to be credited to the accounts stipulated in their application.
III. All Applicants will receive a formal letter from the Registrar advising them of their respective allotment of shares in the Company in due course.
IV. It is anticipated that the Perpetual Cumulative Redeemable 9.25% Fixed Rate US$ Preference Shares and the Perpetual Cumulative Redeemable 10.50% Fixed Rate J$ Preference Shares will be listed and begin trading on the Jamaica Stock Exchange (JSE) and the Barbados International Securities Exchange by 30 September 2022.

Productive Business Solutions Limited (PBS) and JMMB Securities Limited wishes to thank all Applicants for having confidence in PBS and for making this first ever public offer of Perpetual Cumulative Redeemable Preference shares an overwhelming success.

For further information please contact
Karl Townsend – Chief Country Officer, Jamaica Capital Markets Unit
JMMB Securities Limited
6 Haughton Terrace, Kingston 5.
karl_townsend@jmmb.com