In late January shareholders of Pulse investments limited (PIL) said no to a plan to increase the modelling and entertainment company’s share capital at the company’s general meeting in Kingston.
At this morning’s extraordinary general meeting at Pulse headquarters on Trafalgar road, they will be given another opportunity to look at the plan.
PIL is calling the EGM to discuss –again – new issues of common and or preference shares and the possibility of raising additional capital.
Previously, shareholders had asked for a detailed plan for the company and for any capital to be raised. It is expected that such a plan will be unveiled tomorrow at Pulse Centre.
The notice of the meeting says shareholders will be asked to authorise an from 336,835,181 shares of no par value to 450,000,000 shares of no par value, or an additional 113,164,819 shares.
The second matter that they are expected to consider is a rights issue of ordinary shares, whether renounceable or non-renounceable, or to preference shares, as the directors consider appropriate, to raise capital up to a maximum of $500 million.
The company’s shares are listed on the Main market of the Jamaica Stock Exchange. Shares traded at $3.30 each on Monday. Total market capitalisation was $896.9 million.
Pulse Investments Limited , trading in the island since 1993 is controlled by the Executive Chairman, Kingsley Cooper who On January 1, 2016, Cooper gave up the role of Pulse’s CEO to daughter Safia Cooper, but remains chairman of the company.
Pulse deals in model agency representation, multi-media production, marketing, show production and promotion and sub-letting of leasehold properties.
At December 31, 2015 the company reported asset value of $1.9 billion. Profit for six month period to year end was $151.7 million compared to $132.4 million the year before. The company’s cash position was $15.3 million at December 2015, compared to $15 million the year before, December 2014.