VM Financial Group Limited (VMFG) successfully raised eleven billion Jamaican Dollars (J$11b) by private placement from accredited investors, resulting in the listing of three (3) tranches of preference shares on the Jamaica Stock Exchange’s Private Market on Friday, July 14, 2023,
from the funds raised, at a listing ceremony held at the JSE, 40 Harbour Street, Kingston. A total of 110 million units of shares were made available to accredited investors at a cost of $100.00 per share.
The offer opened on March 30, 2023, and closed on May 12, 2023. VM’s Private Market preference shares’ listings increased the total listed securities on the markets of the JSE to 148, with 12 of these securities listed on the JSE’s Private Market. The JSE’s Private Market, which was introduced in January 2021, now has seven companies represented across the 100 companies listed on JSE markets. VM’s three tranches of preference shares listed were designated Class A, Class B and Class C. Class A listed value $8.52 billion; Class B listed value,
$608 million and the Class C listed value, $1.89 billion.
“The listing of these securities on the Private market tells that investors are still committed to providing capital to companies that can demonstrate why this capital is needed and how they can effectively utilize it to provide an attractive return on investment,” said Dr. Marlene Street Forrest,
Managing Director of the JSE.
She added, “These securities are being listed at a time when global markets are uncertain but provide opportunities for discerning investors who have an appreciation of the long-term prospects of the market and who understand that in the long-run price will be determined by
performance of a company, its vision, integrity and service, to take advantage of the market.”
President and Chief Executive Officer of VM Group, Mr. Courtney Campbell, was passionate about the new VM, which effected its restructuring in February 2023. After thanking Dr Street Forrest for her excellent leadership of the Exchange and mentioned the JSE’s remarkable growth over the past 20 years. He stated “The new VM is here, VM’s spirited journey is leading to greater financial inclusion and many more lives transformed. In a challenging market characterized by tight liquidity and rising interest rates,” Mr. Campbell revealed, “we raised more than the targeted
eleven billion dollars, by accredited investors via Exempt Distribution. The funds will be applied to strengthen the capitalization of our key operating subsidiaries to bolster our resilience in this uncertain environment and to support our exciting growth plans.”
Mr. Brian Frazer, Deputy Chief Executive Officer of VM Wealth Management Limited, the brokerage that managed VM Financial Group Limited’s offer, in the closing remarks, noted that the successful listing of the VMFG’s preference shares on the JSE’s Private Market was a monumental event. “It represents more than just the final step in the execution of the first capital raising initiative by the restructured VM Group. More importantly, it underscores the fact that our members and our clients are excited about the prospects for growth of the VM Group going forward,” Mr. Frazer said.
About VM Financial Group Limited
VM Financial Group Limited is a subsidiary of the VM Group. The general nature of the business
is that of a Holding Company for the financial entities in the VM Group.
About the JSE’s Private Market
The JSE Private Market is the first of its kind in Jamaica and was established on January 11, 2021. The JSE Private Market allows for listing private debt and equity issues, to increase market participation and provide greater efficiency within the securities market.
CONTACT:
Mr. Neville Ellis
Marketing and Communications Manager
Telephone: 876-967-3271/876-322-0984
