JMMB share offer taken up

Jamaica Money Market Brokers advised that the offer to purchase two set of preference shares at 7.25 percent and 7.50 percent was oversubscribed and in accordance with the provisions of the Prospectus, JMMB will allot further Preference Share to all applicants in the amount that was subscribed. All Shares applied for will be allotted to applicants out of Preference Share currently held by JMMB.

JMMB advised that the Offers closed on the last day of work week (last Friday) and is oversubscribed. JMMB is currently encountering administrative constraints in the compilation and processing of the subscription applications in order to provide the information to the Jamaica Stock Exchange by close of business September 2, 2013.

Related posts | JMMB big bump in profits | Buy Rated stock list grows | JMMB to raise $750M |

First Citizens lousy investor’s relations

It was once said that as a country, Trinidad wanted to be the financial capital of the Caribbean, but recent activity on the country’s capital market indicates that they have a far way to go in achieving such a goal — if that is possible.

First Citizens Bank launched the largest ever Initial Public Offering (IPO) of shares in the history of the T&T Stock Exchange with a market value of approximately TT$1.1 billion on Monday 15th July at an offer price of TT$22 per share for 48,495,665 shares. The bank said the IPO will assist in widening its capital base in order to facilitate future strategic expansion plans. The offer was slated to close on August 9 and was extended to Monday, August 12th 2013 as the 9th was a public holiday.

First Citizens Brokerage & Advisory Services, a subsidiary of First Citizens Investment Services, is the Lead Broker for the Offer for Sale. The handling of the entire issue is a classic demonstration of poor investor relations and that is not a good sign for investors.

First_Citizensbuilding150x150Listing on September 16 | The T&T Stock Exchange has advised that First Citizens has applied to have its shares listed on the TTSE on September 16th 2013 subject to the approval of its application to list by the Board of the TTSE.

This is madness and is reflective of lack of sensitivity in their financial market. First off, the opening time for the issue was unnecessarily long so those who applied early had their funds tied up without any compensation. Even worse is after nearly a month of closing of the issue, investors are yet to know what is their allocation of shares. First Citizens said on their website that investors will find out between August 30 and September 6.

A check with the T&T Stock Exchange as to why it will take such a long time for the shares to be listed indicates that the problem is not with the Exchange, who are ready to list as soon the information is available and is approved by the Stock Exchange Council. A Stock Exchange source suggests that the delays maybe due to the broking community not being fully conversant with how to execute a timely IPO.

Oversubscription | Information obtained suggests that the issue was about two times oversubscribed with institutional investors probably being the main subscribers resulting in the high level of oversubscription.

While the management has made major missteps in dealing with this issue, IC Insider still rates the stock as Buy Rated based on the issue price and potential earnings. We believe there should be a steep appreciation in the stock’s value when it is compared with others within the financial sector.

Related Posts | First Citizens’ $1B IPO opens today | T&T Citizens Bank IPO oversubscribed | Buy Rated stock list grows

Buy Rated stock list grows

Monday, 19th August 2013 | The reporting season is now in full swing with June quarterly results rolling in almost every day.

Stock Watch | New to the Watch list is  RJR as the company reported a strong turnaround from cost cutting and increased revenues in the June quarter to record a small profit. Look out for our post on their last quarter later this week.

Buy Rated | We have added First Citizens to the Buy Rated list since the IPO has been fully subscribed. Unfortunately investors will have to wait until 16th September before they can trade in the stock on the Trinidad Stock Market.

Also new to the Buy Rated list is General Accident, a Junior Market company. The company’s continued good quarterly results have made the stock undervalued when compared to other companies. We will post our report on the latest quarterly results shortly.

Buy Rated JMMB traded heavy volumes in Jamaica this past week and all shares on offer in the Trinidad market were snapped up in two days as the company posted very strong growth in profit for the first quarter to June. The stocks seems poised to move up in the coming week.

Caribbean Cement rallied sharply in the past week and looks as if it will go further in the coming week. The same applies to its parent Trinidad Cement that has shown 85% increase in value since July 1st with lots of potential based on the TTSE PE Ratio chart.

Related Posts | T&T Citizens Bank IPO oversubscribed | First Citizens’ $1B IPO opens today | General Accident’s profit up 65 percent  | JMMB big bump in profits | Cement profit surge – not so fast | Cement could be good for your pocket | TTSE: PE Ratio green lights TCL

Better than a broker’s ‘buy’ recommendation, IC Insider has no vested interest in any stock transaction or conflict of interest. Our research is backed by published reports of the company’s performance and insights of future earnings that can be found at ICInsider.com. The final decision to buy, or not, is your personal choice.

To find published reports for a Buy Rated stock on IC Insider, please use category Buy Rated’ under Company News or enter the company name, in full or part at ‘Search IC Insider’.

Watch&Buy_Aug19th

T&T Citizens Bank IPO oversubscribed

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Word out of the Twin Island state of Trinidad & Tobago indicates that the Citizens Bank of Trinidad IPO, which went on sale July 15th and should have closed on Friday, August 9, is to be closed today. The new closing date is due to Friday being a public holiday in Trinidad.

The stock, which was priced at $22 per share for the IPO, is said by our sources to heavily oversubscribed from last week. The oversubscription is in line with comments heard by IC Insider out of Trinidad prior to the opening of the public offer suggesting that the shares will be avidly taken up. The stock, which has a PE of 11 times earnings at the IPO price, is expected to jump in price when listed later this month.

The government of Trinidad & Tobago is expected to benefit from the proceeds of $1.1 billion from the issue.

The take up of the issue is welcomed news for the Trinidad & Tobago stock exchange. Not only will the number of companies be increased but the new issue will generate additional revenue from annual listing fees as well as fees when the shares are traded.

The exchange is set to collect an annual listing fee of TT$130,000 plus TT$25,000 for the trading symbol and a fee for each trade amounting 0.30 percent of the consideration. The Central Depository will also garner fees for each trade as well.

Related Posts | First Citizens’ $1B IPO opens today

Epply fast listing

Shares of Epply Limited, the latest initial public issue to make it to the junior market that came to market last week, started trading today. The public issue, which closed on the July 22, is the fastest IPO listing since the junior market started and probably the fastest listing on the JSE ever. For the listing to take place within a week suggests that something must have gone right with it. Nevertheless, it’s a snail pace compared to international standards.

Previously, the listing of the JSE’s own shares took 2 weeks after the issue closed on July 8th and that was one of the fastest. There clearly is much improvement needed in the timeframe between listing and IPO close. There is no reason why the JSE can’t get to international standards a list within a day or two after closure of an IPO and so ensure greater liquidity in the market. All that is required is the reconciliation of subscriptions application, money paid and the allocation of shares where there is oversubscription. In this regard, the formula for dealing with oversubscription can be determined ahead of the closure of an issue.

All the other things such as paying stock exchange fees and final approval can surely take place within a day if the application for listing is effectively done ahead of the IPO.

Well into its first trading day, there were no stocks of Epply on offer nor was there any listed to be bought. One week after listing, the JSE ordinary shares are yet to traded even as the bid is now up to $3.25 in Monday’s trade.

Related Posts |  Eppley 18th junior market listing |  IPO: Epply closes, JSE to trade |  IPO: What or who is Eppley?

Image courtesy of Simon Howden/FreeDigitalPhotos.net

Eppley 18th junior market listing

Press Release 29-Jul-2013 | Eppley, the latest initial public which was closed on Monday July 22, was listed on the junior market of the Stock Exchange on Monday July 29 and brings the junior market listings to eighteen. Eppley is only the second company to be listed on the junior market for 2013 and only the third listing on the stock exchange this year. Eppley is one of Proven Wealth stockbrokers’ first introduction to the market. The stock did not trade on the opening day, had no bids or offer to buy or sell.

Marlene Street Forrest, General Manager of the Jamaica Stock Exchange speaking at the ceremonial listing, stated that “We cannot overemphasize the importance of the Junior Market in ensuring that new creative ideas, whether manufacturing or in this case, service gets the chance needed to make it from idea to development. The benefit of this market is not only in creating longevity but transparency. The benefit is also in seeing the companies that are listed produce excellent financial results for the company and by extension the shareholders. Growth in companies is almost always accompanied by growth in the economy. We understand that these companies receive a temporary shelter whether from corporate taxes, reduced listing or annual fees but this is done against the backdrop of full disclosure of their financial statements and other pertinent information to shareholders. I believe we can proudly report the following statistics which compares prelisting results to results as at the end of December 2012:

  1. Percentage increases in revenue ranging from 7.75% to 1,626.32%
  2. Percentage increase in profit ranging from 8.08% to 589%
  3. Percentage increase in GCT from 4% to 3,770%
  4. Percentage increase in Statutory Deduction from 3% to 173%

I urge you to remember the advantages of raising capital and listing on the Junior Market; which continue to be the possibility of reducing debt burden and high interest payments by substituting or adding equity capital; the daily valuation of a company’s shares; the ten year corporate tax concession for companies listed on the Junior Market; the low listing fees and the improvement of a company’s profile among other benefits”.

Nigel Clake, Chairman of Eppley, told the audience that Eppley was delighted to have access to the capital market to raise funds to finance their business and to be listed on the Stock Market was a privilege and Eppley would do all in their power to ensure that their reporting would be of the highest standard. He went on to thank the shareholders for the confidents they displayed in Eppley by purchasing the stocks.

Chorvelle Johnson, CEO of Proven Wealth took the opportunity to thank all the persons involved in the listing. She stated that the process was fairly easy with the help that Proven got from the JSE, the lawyers and the regulators. Miss Johnson went on to say that Proven will be working assiduously to bring more companies to list not only on the Junior Market, but on the Main Market, along with other products.

Sharing the historic moment | Andrea Kinach; Marlene Street Forrest; Chorvelle Johnson; Andre Tulloch; Melanie Subratie; Keith Collister; Nicholas Scott and Nigel Clarke.

Related Posts |  IPO: Epply closes, JSE to trade |  IPO: What or who is Eppley?

IPO: Epply closes, JSE to trade

EPPLEY offer closes early | The Eppley Initial Public Offer (IPO) which opened today, Monday July 22, 2013 at 9:00, has been closed with the issue said to be oversubscribed. Eppley Limited opened the invitation for subscription for 218,999 shares at a price of $377 per share. PROVEN Wealth, acting as arrangers and Lead Brokers of the offering, announced an early closure of the offer effective at 4:00 p.m., way ahead of the scheduled close on Monday July 29, 2013 at 4:00 p.m.

PROVEN Wealth President & CEO Chorvelle Johnson noted that she is “pleased with the level of subscription. The response to the offer has been very good with the issue being oversubscribed and hence the early closure.” The company is set to announce the basis of allotment within 3 business days.

JSE to start trading on Tuesday | The Jamaica Stock Exchange ordinary shares which were offered public in a recent IPO at $2.85 per share and was oversubscribed, will start trading on Tuesday. The listing brings to 52 the number of companies with ordinary shares on the exchange. Eppley which was fully taken up will bring that number to 53 companies when it starts trading in a few weeks’ time.

First Citizens | In the meantime word out of Trinidad is that First Citizens is attracting great interest but there is no indication that the $1 billion IPO is yet fully subscribed. The issue is scheduled to close on 9th August.

Improved business outlook

The perception of present and future business conditions in the most recent survey amongst Chief Executive Officers, Managing Directors and Financial Controllers found that the business community perception has improved relative to the previous survey in April. The survey was carried out by Statin on behalf of Bank of Jamaica in May and data was collected from 300 respondents.

Perceptions about future business conditions also improved for the second consecutive survey. The improvement in these perceptions was in contrast to the declining trend observed in both indicators since the December 2011 survey. “Of note, the improvement may be attributed to continued reduction in uncertainty about the Government’s economic programme” the central bank commented.

Operating Expenses | Respondents continued to indicate that they expect the largest increase in production costs in the next 12 months to reflect the higher cost for utilities. Other costs that were expected to contribute significantly to inflation in the next 12 months included stock replacement and fuel & transport costs. The cost of raw materials and wages & salaries were the input costs least expected to increase over the next 12 months.

The survey also covered a number of other areas in addition to business conditions.

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IPO: What or who is Eppley?

The English dictionary has no such word, much less the meaning for ‘Eppley’ and a Google search has it as a little-known surname. However, it’s a name that will be on investor’s minds over the next couple of weeks as the company seeks to raise $82.6 million as a prelude to listing on the junior market of the stock exchange. The shares are clearly not meant for the average investor due to the small number of shares on offer and the price of $377 per share, which is the same as the net asset value of the shares, represented primarily by liquid assets. The shares are also priced around 10 times earnings before tax.

Who are they? | Although the public knows nothing about Eppley, it was established in 1973 and has been operating for some time under the name, Orrett and Musson Investment Company Limited. The Company is also an affiliate of General Accident which provides the Company with the necessary infrastructure to monitor and manage its investments plus ancillary administrative services. In consideration for these services, General Accident receives an incentive based fee, which is calculated as 20% of the Company’s average return on equity that is greater than 12% per annum.

The Directors, who are associated with the Musson group as directors or executives, are Nigel A. L. Clarke, Melanie Subratie, Nicholas Scott, Sharon Donaldson, Jennifer Scott, Maxim Rochester, Keith Collister, Alexander Melville and Byron Thompson.

The offer opens on Monday, 22 July 2013 and is scheduled to close on Monday, 29 July 2013 with 218,999 shares offered to the public of which 145,999 are Reserved Shares. Applications from the general public is at a minimum of 20 shares and multiples of 10 thereafter.  If any of the Reserved Shares in any category are not subscribed by the persons entitled to them, they will be available for subscription by the other Reserved Share Applicants, and thereafter, by the general public.

The proceeds are expected to be used to expand the capacity of the Company to provide credit facilities and to pay the expenses of the Invitation, which the Directors believe will not exceed $7.5 million. There will be no liquidity for these shares as the float is far too small.

EppleyNigelClarke150x150Business profile | The Company manages a portfolio of loans, leases and other forms of commercial credit. In so doing, it provides a variety of credit products to corporate and professional customers, including insurance premium financing — the company’s main line of business, lease financing arrangements for equipment (mostly motor vehicles for commercial and professional clients), commercial loans, and other forms of credit.

Insurance premium financing involves the financing of insurance premiums for personal and commercial insurance contracts, generally for periods of less than a year. Leasing involves the provision finance leases and commercial lending involves a variety of loans products that in most instances differ in structure or collateral from loans the Directors consider to widely available in the marketplace.

The Directors anticipate that commercial lending and leases will comprise an increasing share of the Company’s business following the Invitation.

Eppley aims to provide more attractively priced credit to its clients with better service than what is currently available in the marketplace. It aims to do this by maintaining a lean and efficient organizational structure, making fast investment decisions based on common-sense credit standards, and exercising strict confidentially and privacy in its dealings.

The Company’s business strategy is to deliver high and consistent risk-adjusted returns to its shareholders. It believes that commercial credit offers more attractive risk adjusted returns than other available fixed income investment alternatives, including Government of Jamaica debt. The Company stated that the vast majority of its aftertax earnings will be distributed to shareholders as cash dividends subject its Dividend Policy. The policy may be revised by the Board from time-to-time with the distribution being not less than 50% of its after-tax earnings.

Eppley’s numbers | The Company’s average return on operating assets, which provides an indicator of the rates at which it is able to lend, has fallen from 28% in 2008 to 15% in 2012. This reduction occurred at a slower pace that the reduction of interest rates in Jamaica. At the same time, the Directors note that the average cost of the Company’s operating liabilities, an indicator of the rates at which it is able to borrow, had not declined as rapidly. As a consequence, the average net income spread has tightened from 15% in 2008 to 8% in 2012.

eppleytype150x150The Company has restructured its balance sheet moving way from greater reliance on debt financing to a greater use of equity funding. The restructuring involved repaying related party assets and borrowings subsequent to the last audited report at the end of 2012, as well as actual or planned conversion of some loans from related parties into equity.

The Company’s cash and deposits were $115.5 million higher on 30 April 2013 compared to 30 April 2012. In keeping with its business strategy, Eppley began its lease operations late in the first quarter of 2013 and recorded lease receivables of $18.7 million as at 30 April 2013.

Eppley’s net investment income declined to $14.9 million in the 4 months ended 30 April 2013 compared to $16.1 million in the 4 months ended 30 April 2012. This was a result of increased holdings of lower yielding cash and marketable securities in the period. The Company’s other operating income increased significantly, mainly as a result of foreign exchange gains on its holdings of hard currency. As a result, its profit after tax increased from $7.0 million in the 4 months ended 30 April 2012 to $12.1 million in the 4 months ended 30 April 2013.

Listing of the shares on the stock exchange will provide visibility for the Company and opens it up to borrow cheaper funds than if they were a non-listed company. Listing will also improve the return on equity as there will be no taxes for 5 years on profits.

IPO outlook  | This one looks like a medium term investment but due to the listed number of shares, investors may want to acquire some in the IPO to ensure that they have them well ahead of when profits start to grow.

TTSE: Citizens IPO main attraction

Monday, 15th July 2013 | Trading on the T&T stock Exchange today was paltry with 170,869 shares trading valued at just $914,642 but the big news in the market is the opening of the Citizens Bank of Trinidad IPO, which went on sale at $22 per share at a PE of 11 in an attempt to raise $1.1 billion on behalf of the major shareholder of the bank. Some comments out of Trinidad suggest that the shares will be avidly taken up.

Market activity resulted in 11 securities trading of which 3 advanced, 2 declined and 6 traded firm.

One of IC Insider’s buy rated stock,  One Caribbean Media moved to a new 52 week high as it closed up by 18 cents to end the day at $17.60 while trading 4,000 shares and another buy rated stock, Caribbean Cement, traded up by 5 cents to $1.15 as 79,581 shares changed hands for a value of $90,391.

Scotia Investments fell 3 cents to close at $1.87 with a volume of 50,414 shares being traded for $94,304. Guardian Holdings contributed 13,377 shares with a value of $214,032, while Sagicor Financial Corporation added 6,177 shares valued at $38,297.

Clico Investment Fund was the only active security on the Mutual Fund Market, posting a volume of 15,990 shares valued at $359,775.00 as the share closed at $22.50 without a change in price.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice market indicator shows that bids for no stock was higher with 3 stock having an offer lower than the last selling price.

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