Shareholder pumps millions into KLE

KLE closed at a 52 weeks' high in closing at $1.83 on Tuesday.

KLE closed at a 52 weeks’ high in closing at $1.83 on Tuesday.

KLE Group operators of the Famous nightclub and Usain Bolt Tracks & Records received US$650,000 loan from its largest shareholder Joe Bogdanovich this financial year, IC Insider understands as the music promoter deepens his interest in the struggling junior market entertainment company.
KLE was listed in late 2012 after raising $90 million in an initial public offering.
Bogdanovich acquired 23 per cent of KLE Group at market value between $0.90 and $1 on the Jamaica Stock Exchange in 2014 when two directors exited the company. The loan listed on the books as other loan at J$73.59 million, represents more than four-fifths of its total loans payable at $87.6 million.
The loan propped up the cash position at the company to record cashflow and equivalents at $30 million in December 2014 but it now returned to a cashflow deficit of $6.9 million at September 2025. The loan was in part utilised to pay down debt, particularly trade payables but left very costly statutory debts at higher levels than before at $21 million, as well as credit card debt at $11 million, with the latter increasing from $2.5 million in 2014.
Tracks& recrdThe company, however, continues to operate with huge negative working capital and negative equity capital of $8 million with accumulated deficit at $130 million.
On the positive side, the company made a rare profit of $2.6 million or 2.8 cents per share from flat revenues of $48.3 million, for the three months ending September 2015 which reversed the $8 million loss for the corresponding quarter a year earlier. Over the nine months, it however, recorded a $32 million loss. The quarterly profit came as the company cut administrative and interest cost sharply by $20 million, partially by limiting the number of days its operates the Portmore based Famous Nightclub. If the bottom-line trend were to continue, the struggling group could end up with profit of $12 million in a full year, and although small, would represent a major turnaround for a company that has been bleeding badly for the past 3.5 years, with losses amounting $139 million during that period.
The group continued its restructuring exercise from 2014 with base operating costs reduced to reflect the leaner organization. Further changes will be made to ensure total alignment with the company’s portfolio and its strategic direction. The Famous operating model was changed in August from a weekly 3 night per week club to a promoter model which saw the location being marketed to promoters as a venue. This has allowed for significant reduction in operating costs with a major shift from fixed to variable expenses,” stated management in the financials adding that it continues plans to franchise its Tracks & Records restaurants globally.
Since the release of the results were released on the December 2, last year, the stock has climbed from 73 cents to trade at $1.87 after bottoming at 43 cents in October.

2 new listings for JSE on Thursday

TtechThe junior market will have two new listings when trading commences on Thursday, with the technology based tTech and the air conditioners – CAC 2000 being added to the fledgling market for up and coming small companies, following successful IPO offerings. The listings were approved today by the Jamaica Stock Exchange.
IC Insider expects tTech to trade at an attractive premium to the IPO price of $2.50 based on the level of oversubscription and the low valuation of the IPO price, while CAC should trade close to its offer price of $4.85, based on the high valuation placed on the IPO price.
CAC logo 12-15Both companies went to the market on December 16 to raise additional capital and obtained all they went for. tTech which went for $50 million with 25.65 million shares but the issue attracted 289 applications, valued at approximately $172.395 million and CAC was over by 10 percent in excess of the 29,032,258 ordinary shares on offer to bring in $120,545,327 that was targeted.
The listings will lift the junior market to 29 securities with 25 of them being ordinary shares.

TTSE starts 2016 on negative note

TTSE build Activity on the Trinidad and Tobago Stock Exchange started 2016 on a negative note with the two main indices as 3 stocks advanced and 3 declining but with National Enterprises falling sharply as the market closed with 10 active securities with the prices of 4 remaining unchanged. A total of 218,617 shares changed hands valued at $3,451,788.
The Composite Index ended with a fall of 1.90 points to 1,160.40, the All T&T Index fell 4.51 points to 1,943.99 and the Cross Listed Index rose 0.10 points to end at 49.61.
IC bid-offer Indicator| The Investor’s Choice bid-offer indicator had 6 stocks with bids higher than the last selling price and 4 stocks with offers that were lower.
Gains| Guardian Holdings ended with 260 shares trading at $13.25, for a 2 cents gain, National Commercial Bank closed at $2.11 with a I cent gain while trading 14,610 shares and Sagicor Financial Corporation rose 5 cents in trading 9,248 shares and closed at $6.25.
TTSE 04-1-16rDeclines| Angostura Holdings closed with 20,000 shares changing hands with a 2 cents loss to end at $13.95, National Enterprises with 66,090 shares changing hands for a value of $1,057,442, dropped 37 cents to end at a 52 weeks’ low of $16 and Grace Kennedy closed with a loss of 1 cent at $4.04 with 27,606 shares changing hands.
Firm Trades| Trading in Clico Investment Fund traded 28,926 shares valued at $658,067 but remained at $22.75, First Citizens ended with 450 units changing hands at $35, One Caribbean Media had 2,041 units changing hands at $22 and Trinidad and Tobago NGL ended at $21.50 with 46,875 shares changing hands, valued at $1,007,812.

Near 20% tTech shareholders

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TtechtTEch’s the technology company that offered shares to the public in December has released details of the successful offer of 25,652,000 ordinary shares at $2.50 each that closed on December 16, 2015.
The issue attracted 289 applications, valued at approximately $172.395 million.
Based on the level of oversubscription, applications for the general pool (57 percent of the shares offered) will receive 100 percent up to 10,000 shares applied for and the remaining shares will be allocated on a proportional basis equivalent to approximately 19.96 percent of the total application amount. Reserve share applicants (35 percent of the shares offered) will receive 100 percent of the number of shares they applied for.
The shares are expected to be listed on the junior market of the Jamaica Stock Exchange in January.

RJR shareholders set to halt merger

Gleaner & RJR execs signing merger agreement earlier in 2015

Gleaner & RJR execs signing merger agreement earlier in 2015

The much talked about merger between the Gleaner media business and Radio Jamaica (RJR) seems headed to defeat as the large shareholders in RJR are set against the present proposed terms of the deal.
A number of the larger shareholders are of the view that the deal does not benefit them as much as it bails out a struggling Gleaner that has had great difficulty making a profit from the media business for several years now.
One point put forth is that is that print media is not an area of growth compared with the electronic media, that is seen as having good growth potential. The effect of the merger would result in a dilution of the RJR shareholders interest the disgruntled shareholder say and that appears to be the case initially. The proponents of the merger says there will be savings and added revenues amounting to $275 to $450 million that will enhance the fortunes of the new group, but only half of that will be attributable to the existing RJR shareholders.
What have not been said publicly, is that since the valuation in March, much have changed with RJR fortunes improving and Gleaner’s lagging, which would most likely change the values of each.
For the nine-months, the Gleaner made $130 million net profit or 122 per cent more than the $58.6 million earned a year earlier. Revenues continued its downward drift, by 5.6 percent to $2.38 billion, partially helped by a fall of $34 million in investment income to $90 million while media income fell $120 million for the same period. RJR was going in the opposite direction with profit jumping 227 percent in the September quarter to $30 million and 44 percent in the June quarter to $22 million from revenues that rose 24 percent in the September quarter and 7 percent in the June quarter.
RJR's Top 10 shareholders at September 2015

RJR’s Top 10 shareholders at September 2015

IC Insider’s forecast is for RJR to make $320 million for the year to March based on existing operations and for the Gleaner to report $240 million for the year to December 2015 from all its current operations.
Apart from Gleaner offering the media assets they will contribute $665 million in cash and equivalent. While the latter could theoretically buy around 50 percent of RJR’s current outstanding shares, at existing prices under $4, supply would not allow them to do so. By pumping in the funds that is likely to be earning very low returns until they can be used in an efficient manner, will result in dilution of existing RJR shareholders’ interest.
With 75 percent of shareholding required to approve the deal, there are enough disgruntled shareholders on the RJR side to vote it down. Based on feed-back received from some larger holders, it appears that at best the principals of both companies will have to go back to the drawing board and involve the larger shareholders in the talks if they are to succeed, something Chairman of the Gleaner Oliver Clarke says he is not opposed to.
Shareholders openly opposed to the deal, account for 49 million shares or 13.7 percent others who have been opposed at least up to recently, would bring the tally to more than 21 percent.

New junior record up 151% in 2015 – Tuesday

KLE closed at a 52 weeks' high in closing at $1.83 on Tuesday.

KLE closed at a 52 weeks’ high in closing at $1.83 on Tuesday.

Another record close for the junior market pushed the market for emerging companies to sit atop of 151 percent gain for 2015 with two trading days to go. On Tuesday the index put on 25.22 points to end at a record high of 1,726.06 as the market sets it sights on the 2,200 mark the next major point of resistance.
Trading ended with 12 securities trading of which 7 advanced and 1 declined with 3 closing at a new 52 weeks high. Volume changing hands amounted to 986,076 units, valued at $3,374,729.
At the close there was 1 security ending with no bid to buy and 5 securities had no stocks being offered for sale. A total of 4 stocks closed with bids higher than their last traded prices while none closed with a lower offer.
In trading, Access Financial closed with 6,490 units changing hands at $16, Caribbean Cream slipped 8 cents with 44,600 shares changing hands at $3.80, Caribbean Flavours closed at $9.44 with 18,938 shares changing hands, Caribbean Producers rose 42 cents in trading 52,000 units to close at $5. Dolphin Cove ended with 1,092 shares changing hands at $15.62 by gaining 12 cents, General Accident gained 20 cents with 1,000 shares trading close at $2.08. Jamaican Teas ended up by 55 cents with only 2,529 shares trading, JM Trde Sht 29-12-15KLE Group ended at $1.83 with 10,000 shares changing hands to record a gain of 28 cents, Lasco Distributors rose by 5 cents and closed with 157,804 shares changing hands at $5 for a 52 weeks’ high, after trading earlier at an all-time high of $5.50. Lasco Financial rose 17 cents to close at a new 52 weeks’ high of $3.70, with 26,998 shares changing hands, Lasco Manufacturing closed at $3.50 with 264,625 shares trading, the stock traded earlier as low as $3.10 and Derrimon Trading preference share ended with 400,000 shares trading at $2.10.

Honey Bun trades 58% of shares

HonBunHoney Bun had trading in 55 million shares a short while ago representing more than 58.5 percent of the shareholdings of 94,253,390 shares.
Mayberry Investments as brokers executed the transactions with two blocks of 25,681,800 units and 1,894,000 each for a total value of $295 million.
Michelle Chong and Herbert Chong the two largest shareholders controlled 37.5 million shares each in the company. The trades represent about 73.5 percent of their holdings. It is unclear at this time if the principals have sold out the majority to a new owner.
Today’s trade follows a 40 million trade or 14.53 percent of Derrimon Trading’s shares purchased on Thursday by a large shareholder.

tTech allocation by Monday

TtechThe allocation formula for the recent Initial public offering of tTech shares which closed shortly after opening on Wednesday with more than 300 percent over subscription, should be known by Monday coming.
The likely date was obtained by IC Insider today from a spokesperson at NCB Capital Markets. The recommended formula has been passed on to the company for the approval the spoke person stated. tTech offered more than 25.65 million shares for purchase up to $2.50 each and was well received by investors raising over $50 million that they went to the market.
The spokesperson also indicated that they will be looking into the matter of investor being asked to pay the central depository fee, although it was not included in the prospectus.

Juniors jump, new record for majors

The junior market is enjoying major gain on Friday morning with a 2 percent or 34 point jump to sit just below the record reached in November of 1,676.68 points.JSE intra 18-12-15 The main market of the Jamaica Stock Exchange also recorded gains in early trading pushing the indices to new record high. A total of 17 securities traded as 9 stocks rose and just 3 declined with 2,512,805 units changing hands.
At 10:45 am, the all Jamaica Composite Index gained 334.81 points to 160,677.66, the JSE Market Index gained by 299.59 points to 144,709.80, the JSE combined index gained 586.44 points to 151,548.54 and the junior market index is up 34 points to 1,670.95.
Interesting trades, with 75 minutes having elapsed are, Supreme Ventures traded 2,200,000 shares at $4.58 for an 8 cents gain, Grace Kennedy traded at a new 52 weeks’ high of $80 and so has Sagicor Group at $17.50, Jamaica Broilers dropped $1.90 to be at $8.60 and National Commercial Bank had gained $1.20 to $39.90.
Feedback from NCB Capital Markets is the tTech allocation should be known for the recently closed IPO by Monday coming.

Related party sells 40m Derrimon shares

Derrimon dominant shareholder sold off big block of shares.

Derrimon dominant shareholder sold off big block of shares.

Derrimon Trading Company ended with 40,051,505 shares valued at $155 million changing hands in only 7 lots, to close at a new closing high of $3.80 after gaining 1 cent.
Information is that a former shareholder acquired 40 million shares from a connected party. The only connected parties with that amount of shares, are Derrick Cotterell with 110,000,000 and Monique Cotterell with 40,000,000. Monica Bell mother to Derrick Cotterell also owns 40,000,000 shares or just under 14.6 percent of the issued ordinary shares, but she is not listed as a director of the company but would be regarded as a connected party.
The junior market closed on Thursday with 12 securities trading of which 7 advanced and 2 declined and 3 closed at new 52 weeks’ high. The junior market index gained 9.08 points to 1,636.95 with 43,233,932 units, valued at $166,308,887 changing hands.
At the close there was 1 security ending with no bid to buy and 7 securities had no stocks being offered for sale. A total of 5 stocks closed with bids higher than their last traded prices while one closed with a lower offer.
In trading, Access Financial Services closed with a gain of 9 cents at $14.11 with 2,000 units changing hands, AMG Packaging traded 24,074 units at $7 but traded at a new high of $7.50 in the morning session. Caribbean Cream closed at $3.27 to gain 47 cents with only 3,000 units changing hands. The stock closed with a bid to buy 40,000 units at $3.50 after attempts were made to trade over 1 million shares at $3.80. The trades were cancelled as the price would exceed 15 percent permitted for the day, with less than an hour of trading remaining, to allow for the unfreezing of the stock. JM - Trde Sht 17-12-15Caribbean Flavours rose 3 cents with 22,345 shares changing hands at a new 52 weeks’ high of $9 after hitting $9.30 earlier, General Accident ended with 62,300 shares changing hands at $1.94, for a loss of 10 cents, KLE Group traded at a new 52 weeks’ high of $1 after gaining a5 cents with 3,000 shares changing hands. Lasco Distributors closed with 206,600 shares changing hands at $4.35 after falling by 20 cents, Lasco Financial closed at $3, with 204,662 shares changing hands, Lasco Manufacturing gained 1 cent and closed at $3.31, with 2,652,146 shares trading. Paramount Trading ended with 2,000 shares changing hands at $9 and Eppley 10% preference share, ended with 300 units changing hands at $6.02.

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