Proven upped its stake in Access in May, leaving few shares in the public’s hands.
On May 18, Proven acquired an additional 1,249,608 shares in Access Investments, thereby increasing its interest to 49.72 percent. In December last year, Proven bought 135,339,271 units in the financial micro lender when it picked up most of the shares held by Mayberry at the time, at a price of $9. in the latest audited report for Proven, Access is listed as a subsidiary of Proven. Normally, owning less than 50 percent plus one share in a company would result in a company being a subsidiary and less down to 20 percent, would qualify as an associate.
The stock has been trading recently at $17 each, with Access having reported improved results for the March quarter increasing by 72 percent to $157.6 million, up from $79 million in 2014. Marcus James in March this year transferred his 112,421,260 units to a company representing 41.6 percent of the issued shares leaving just under 9 percent in the public’s hands.
[…] with bids higher than their last traded prices while 1 closed with a lower offer. In trading, Access Financial Services closed with a gain of 40 cents at $17, with 2,136 units changing hands, AMG Packaging price rose 60 […]