Spaulding
The RJR Communications Group closed its rights issue yesterday. Shareholders at the company's annual general meeting last month voted to create an additional 72.5 million ordinary shares. Existing shareholders were offered the right to buy the shares in a special offer.
"The rights issue closed this afternoon," said RJR's company secretary Stephen Greig. "We are awaiting returns from Bank of Nova Scotia, which acted as the collecting agency, as well as the stockbrokers."
CAPITAL FUND DEVELOPMENT
Company chairman Lester Spaulding announced the proposal early in November to raise $250 million through the issue. The money is intended to pay down debt, fund capital development and provide working capital to support the company's expansion programme.
Each shareholder got the right to buy one of the additional shares for each five already held at a price of $4.50. The shares closed trading at $5.00 on the Jamaica Stock Exchange yesterday, losing 59 cents in trading.
"As soon as returns are made, the information will be released by the company," Mr. Greig said. "The applications are being processed by Scotia Jamaica Investment Management Limited."
