Proven Investments To Raise US$16.5 Million To Fund Acquisition Opportunities, Expansion Plans And Strengthening Capital Base
Proven Investments Limited has gone to the capital markets to raise US$16.5 million or JA$2.15 billion, at full subscription, in funding for upcoming acquisition opportunities, expansion plans and strengthening the capital base of the company.
To raise the funds the company’s board of directors approved the offer and issuance of an additional 68,949,472 ordinary shares in the company to all ordinary shareholders on record as at June 30th 2017, by way of a renounceable rights issue of 1 new ordinary share of the company for every block of 8 ordinary shares held, at a subscription price of us$0.24/$31.20
Proven has been on a strategic and targeted acquisition drive over the last three years picking up a number of very profitable companies including the Bank of St Lucia International Limited and First Global Financial Services from GraceKennedy, while taking major positions in companies like Access Financial Services and Knutsford Express which it later agreed to sell its 20 per cent stake for JA$220 million, to NCB Capital Markets Limited. BM