Sun | Aug 20, 2017

Main Event Entertainment Group IPO oversubscribed by $553M

Published:Wednesday | February 1, 2017 | 2:19 PM
Solomon Sharpe, CEO of Main Event Entertainment Group

Mayberry Investments Limited said it received 1,056 applications valued at approximately $673 million in the initial public offer for Main Event Entertainment Group, an oversubscription of $553 million.

The company offered newly issued ordinary shares valued at just over $120 million, but the oversubscription meant that the offer was closed early, said Mayberry, lead financial adviser and broker in a release.

Mayberry said the company has now determined the basis of allotment of the shares in accordance with the terms and conditions set out in the prospectus.

Reserved applications for Mayberry clients were allotted 100 per cent for the first 3,000 shares, and the balance in excess of 3,000 units were allocated approximately 4.59 per cent.

Mayberry West Indies reserved shares and key partner reserved applications were allocated 100 per cent.

Company reserved applications were allocated 100 per cent for the first 3,000 shares and the balance in excess of 3,000 units were allocated approximately 48.74 per cent.

The general public was allocated 100 per cent for the first 3,000 shares, while the balance in excess of 3,000 units was allocated approximately 1.19 per cent.

The company has 14 days within which to deliver refund cheques to applicants. However, it said it intends to finalise refunds before that time and will advise the public accordingly.

For Applicants who are not Mayberry clients, refund cheques will be prepared and can be collected from its offices at 1½ Oxford Road, Kingston 5. For applicants who are Mayberry clients refund amounts will be credited to their respective accounts.

All applicants will receive a formal letter advising them of their respective allotment of shares.

- mcpherse.thompson@gleanerjm.com