Main Event IPO within 2 weeks

Main Ev SignWith revenues posited to be in the range of $1 billion to $1.5 billion for 2015, Main Event Entertainment should be coming to the public within two weeks subject to Financial Securities Commission effectively signing off on the prospectus.
The company is expected to raise between $100 million to $200 million at a price between $1.50 and $3.50, stockbroker for the deal, Gary Peart of Mayberry Investments told investors at a briefing today. IC Insider gathers that the amount to be raised, is likely to be $150 million, putting the PE ratio in the 10-12 range.
According to Peart, the valuation for the company is in the range of $500 million – $700 million. Between 20 to 40 percent of the shares will be offered in the IPO. Proceeds of the issue will be used to expand services particularly to Montego Bay where Solomon Sharp, Chief Executive says has a big market for his products and services. Funds will also be put into new equipment to meet increasing demand. According to Sharp, demand is such that they have had to turn away business. The additional equipment will allow for more business to be undertaken simultaneously.
Main Event Entertainment Group, a unique company that is in the business of management of event as well as producing their own production. The company provides event management, production, audio, video, lighting, staging, roofing, power supply, digital signage and management, concept development, creative development, infrastructural build-outs.

Three of the company's directors

Three of the company’s directors

The company generates revenues from Digital boards spread across 22 countries in the Caribbean some a few Central American countries mostly for screens in Digicel stores with more than 100 screens for which they generate up US$225 for month for maintaining and updating them. They also supply and service menu boards for other entities with the latest to sign on being Wendy’s on board, the company provide outdoor signage in the form of advertising billboards.
The principals include Solomon Sharpe, CEO and formerly of Desnoes and Geddes, Richard Bair, Chief Operating Officer, formerly employed at Porter Brothers and Donna Waithe, Director HR and Administration with 23 years of experience in the aviation sector at Air Jamaica. The company was established 2004 and employs between 51 and 200 full time and part time employees.
The Board of directors include Hugh Graham, Solomon Sharpe, Donna Waithe, Richard Bair, Tania Waldron-Gooden, Harriat Maragh, chairman and Dr. Ian Blair.
The company have as its clients many blue chip Jamaican companies, including Scotia Group, National Commercial Bank, Flow, Desnoes and Geddes to name a few.

Paramount eyeing new stock offering

PTL off Junior market listed Paramount Trading will be heading back to the stock market soon to raise additional capital to help fund the US$4-million 50/50 joint venture lubricant manufacturing operation being done jointly with overseas-based Allegheny Petroleum, IC Insider confirmed with Hugh Graham, Chief executive of the company.
At the end of August the company had cash and investments of $165 million well below the cash injection that would be needed for their share of the capital.
“The advisory team is currently working out the capital needs to determine the amount we will go to the market for,” Hugh Graham stated in an interview with IC Insider. Graham stated, “manufacturing the lubricants locally provides higher margins as value added will be better than with imports, will create a better future for the operation and will allow for export of the finished product.”
Graham could not give the start-up date for the venture which is to be housed on property owned by Paramount as they await various approval from governmental departments.
FuelIn response to the reason why the company pumped up the dividend to 39 cents to be paid in November from 15.1 cents in 2014, Graham said “the board considered the dividend payment versus the profit realised and felt that investors should get a good return on their investment.” According the Graham, “the payment is $60 million which still left $90 million to add to accumulated profit”
While there might be a lot of truth in that statement, the plan for a rights issue could not have escaped the board with the low price the stock has been trading.
The 2015 payment represents 41 percent of profit and equates to a dividend yield of 14.89 percent based on the price of $2.62 at the start of the year. For the quarter ending August earnings grew 27 percent to 28 cent per share versus 22 cents in the same period in 2014.

Paramount rolls along with more profits

Paramount office

Paramount office

Junior market listed, Paramount Trading reported another quarter of increased revenues and profit with growth of 17 percent in sales to end at $238 million and profit of $42.6 million, an increase of 25 percent for the August quarter over that of 2014. Cost of sales increased by 12 percent much slower than the growth in revenues, leading to an upward movement in gross profit margin, from 32 percent to 34 percent. Distribution cost jumped 70 percent but from a small base, to reach $710 million while administrative cost excluding depreciation, rose 36 percent to $38 million. Finance cost fell from $1.8 million to $1.3 million.
“Year over year, operating expenses as a percentage of total revenue increased 16.9 percent versus 14.9 percent as the company continued to strengthen its team and streamline operations. Paramount has a positive outlook for the rest of the year as it continues to aggressively pursue growth opportunities,” Hugh Graham, CEO & Managing Director stated in a report to shareholders accompanying the financials.
During the quarter the company generated $44 million in cash from operations and ended up with new cash funds of $69 million after reducing the level of receivables by $20 million, payables grew by $33 and Inventory rose by $15 million, putting cash and equivalent at $164 million at the end of the August.
Some of the products the company handles

Some of the products the company handles

The principal activity of the Company is importation and distribution of chemicals and other related products including “SIKA” branded hardware products, whose line of products include anchoring adhesives and sealants principally distributed to the commercial hardware market.
Earnings per share for the quarter ended at 28 cents compared with 22 cents, in the August 2014 quarter and 95 cents for the 2015 year that ended in May. IC Insider forecast $1.45 per share for the full year. The stock trades at $6.10 on the Junior market, placing the PE ratio at 4 with much room for growth in the stock price with nearly half of the junior stocks valued at an average of 8.6 times current year’s earnings with all of those above 7.7 times.
The company will be considering a dividend at a directors’ meeting to be held on Thursday, October 29. The last dividend paid, was 15.1 cents per share on December 12, last year and in December 2013, 13.5 cents. With the 2015 full year profit being up by 57 percent over 2014, investors should see an increase to about 23.5 cents per share being paid this time around.

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