Proven responds to US dollar-indexed bond issue

THE EDITOR, Madam:

PROVEN Management Limited (PML), in our capacity as investment manager of PROVEN Investments Limited (PIL/PROVEN), refers to your article of Friday, March 18, 2022, published in the Financial Gleaner and Gleaner Online re ‘Proven raising US$20M in two bonds’. We use this opportunity to note the following points of clarification and facts.

1. The article’s headline and first paragraph: PIL is in fact raising approximately three billion Jamaican dollars (JMD) through an issue of JMD denominated US dollar (USD)-indexed bonds in two tranches. The target amount is the JMD equivalent of US$20M. PIL is not issuing USD denominated instruments or “hunting US$20 million”.

2. It is also to be noted that all references to USD sums intended to be raised should be preceded by ‘JMD equivalent of ...’

3. The paragraph which begins: “It becomes one of the first US dollar corporate bond offers” is erroneous. This issue is a JMD denominated bond issue and the USD indexation is merely a feature of the bond to enhance investor protection, as is commonly done in the Jamaican capital market; it is therefore not affected by the suspension on US dollar corporate bond offers referenced in the article.

4. The reference to “Proven CEO Christopher Williams” is incorrect. Mr Williams is the CEO of PML and spoke in that capacity.

BELINDA N. WILLIAMS

Head of Marketing

and Corporate Affairs

PROVEN Management Limited