BERRYDUE TO overwhelming demand, Mayberry Investments closed its Private Placement on Wednesday, after just two and a half days.
The placement, which was on a "first come first serve" basis, sought to raise J$946 million in exchange for 20 per cent of the company's issued share capital.
"This response has surpassed all of our expectations and we are very pleased about this tremendous support from our institutional and high net worth customers," says Mayberry Chairman and CEO Christopher Berry. The company will now focus on issuing the IPO before the end of March.
Under the terms of the Private Placement, Mayberry reserved the right to clawback, for inclusion in the IPO, up to 50 per cent of the shares allotted in the Private Placement, in order to meet potential demand in the IPO. These shares will be sold by way of an Offer for Sale on behalf of allottees in the Private Placement. "This was the best structure we could devise to ensure that our many valued
customers and the general public who, by regulatory necessity could not participate in the placement, would be allowed the opportunity to participate in our company," Mr. Berry added.
The company plans to include in the IPO additional unissued shares, the proceeds from which will go to the company.
Established in 1985, Mayberry is one of the largest brokerage houses licensed by the Financial Services Commission and
dealing in securities on the Jamaica Stock Exchange.
