Iron Rock Insurance is one of 5 junior market companies poised to hit the market between February and March, ahead of the deadline for the ending of the tax break, accorded junior market companies.
Iron Rock is expected to be capitalized at just under $500 million and has as two of its principals William McConnell formerly managing director of Lascelles deMercado who use to own Globe Insurance Company and Evan Thwaites former of Globe Insurance.
Informed sources tell IC Insider that the prospectus should be out by the February 22, with the issue to be opened before the end of the month.
Mayberry Investments are the brokers for Iron Rock while JMMB Securities is handling two issues. The new listings if they are all approved, will raise the number of junior market listings to 34 and the number of companies listed to 30. In contrast the main market and the US dollar market has 35 companies listed plus a number of preference shares issued by companies with ordinary share listing.
The main market has almost stagnated and seems set to contract with two main market companies, that of Hardware and Lumber and Desnoes and Geddes look set to be delisted.
Iron Rock IPO hits market shortly
February 12, 2016 by
Dolphin Cove Q3 profit gains 17%
October 29, 2015 by
Dolphin Cove reported a 4 percent increase in profit after tax for the nine months to September, of $412 million over 2014 and a 17 percent increase in the September quarter to $128 million over the similar quarter last year.
Cash flow from operations increased by 26 percent to $486 million, compared to $385 million for the similar period to September 2014.
Earnings per stock unit for the nine months amounts to $1.05 and 32.6 cents for the quarter and could end around $1.40 for the year, for the full 2014 year earnings was $1.12.
“The improved results were largely reflective of a 10 percent growth in ancillary revenue and better receivables collections in 2015. There was also noticeable growth in the number of customers who visited our Hanover and Half Moon Parks and the Group also benefited from the devaluation in the Jamaican dollar in the third quarter, 2015 as most of our income is earned in United States dollars”.
“Overall revenue grew by 5 percent although, as anticipated, there was a reduction in the number of hotel guests who visited the Ocho Rios Park given the temporary closure (for expansion) of one of the major hotels in this region. The resulting reduction in revenue and profit in this area was however surpassed by strong growth in the other operating segments and an increase in local business on account of our summer promotion which was introduced in September quarter, 2015”.
“Increase in operating expenses was restricted to 7 percent, for the year to date and 6 percent for the third quarter and was primarily due to additional depreciation, which resulted from the revaluation of buildings. The staff benefited from salary increments, which came into effect in the latter quarter of 2014”, Stafford Burrowes, Chairman and Chief Executive Officer and William McConnell, Chairman of Audit Committee stated in a report accompanying the interim financials.
An interim dividend of 15 cents per share will be paid in December quarter. This brings the total dividend declared to date to 45 cents and equals the same level of dividend which was declared as at September quarter, 2014.
Property, plant and equipment jumped to $2.19 billion at the end of September from $1.11 billion at the end of September last year as revaluation surplus added $930 million. Revaluation and retained profits helped to swell equity to $2.7 billion while borrowed funds stood at $240 million.
The company’s stock is traded on the Jamaica Stock Exchange and closed on Wednesday at $10 but with these results should be heading back upwards to the $13 range before long.
Cash flow from operations increased by 26 percent to $486 million, compared to $385 million for the similar period to September 2014.
Earnings per stock unit for the nine months amounts to $1.05 and 32.6 cents for the quarter and could end around $1.40 for the year, for the full 2014 year earnings was $1.12.
“The improved results were largely reflective of a 10 percent growth in ancillary revenue and better receivables collections in 2015. There was also noticeable growth in the number of customers who visited our Hanover and Half Moon Parks and the Group also benefited from the devaluation in the Jamaican dollar in the third quarter, 2015 as most of our income is earned in United States dollars”.
“Overall revenue grew by 5 percent although, as anticipated, there was a reduction in the number of hotel guests who visited the Ocho Rios Park given the temporary closure (for expansion) of one of the major hotels in this region. The resulting reduction in revenue and profit in this area was however surpassed by strong growth in the other operating segments and an increase in local business on account of our summer promotion which was introduced in September quarter, 2015”.
“Increase in operating expenses was restricted to 7 percent, for the year to date and 6 percent for the third quarter and was primarily due to additional depreciation, which resulted from the revaluation of buildings. The staff benefited from salary increments, which came into effect in the latter quarter of 2014”, Stafford Burrowes, Chairman and Chief Executive Officer and William McConnell, Chairman of Audit Committee stated in a report accompanying the interim financials.
An interim dividend of 15 cents per share will be paid in December quarter. This brings the total dividend declared to date to 45 cents and equals the same level of dividend which was declared as at September quarter, 2014.
Property, plant and equipment jumped to $2.19 billion at the end of September from $1.11 billion at the end of September last year as revaluation surplus added $930 million. Revaluation and retained profits helped to swell equity to $2.7 billion while borrowed funds stood at $240 million.
The company’s stock is traded on the Jamaica Stock Exchange and closed on Wednesday at $10 but with these results should be heading back upwards to the $13 range before long.