Eppley Caribbean Property Fund Limited SCC (ECPF), a publicly listed property fund in Barbados and Trinidad & Tobago, hopes to raise JA$4.5 billion through a cross-listing of its value fund shares on the Jamaica Stock Exchange (JSE). The Company also referred to as Value Fund is offering a total of 97,448,157 value fund shares, of which 9,656,807 are reserved at a share price of JA$46.18 or BBD$0.71. The application will open on 28 June 2019 and will close on 12 July 2019.
- The listing of the value fund shares will create the largest regionally focused real estate platform in the Caribbean, according to ECPF.
- NCB Capital Markets is the lead broker and arranger for the transaction.
Eppley is seeking to raise JA$4.5 billion for its Caribbean Property Fund. The Company is issuing a total of 97,448,157 Value Fund Shares (inclusive of 9,656,807 Reserved Shares) at a subscription price of JA$46.18 each in the capital of the Company.
i. The net proceeds from the Invitation derived by the Company will be used to repay the bridge financing, purchase acquisition properties and provide funds for its pipeline of future commercial real estate acquisition opportunities and to pay the fees and expenses associated with the invitation. Further details on the intended use of the proceeds of the Invitation by the Company are contained in the Message from the Chairman.
ii. The Directors are to pursue a dividend policy providing for an annual dividend of between 75% and 100% of rental income net of operating expenses, taxes and financing costs known as Funds from Operations (“FFO”) subject to the need for reinvestment in the Company from time to time, statutory provisions and the discretion of Directors.
iii. The Company intends to apply to the JSE for the listing on the Main Market of all of the Value Fund Shares, and the existing Value Fund Shares and to make such application as soon as conveniently possible following the closing of the Invitation and the allocation of the Value Fund Shares.
iv. The Opening Date: 9:00 a.m. on 28 June 2019.
v. The Closing Date (Applications to be received by): 4:30 p.m. on 12 July 2019.
Prospectus: https://www.jamstockex.com/wp-content/uploads/2019/06/ECPFL-SCC-Prospectus-Final.pdf
Questions
I understand $46.18 per share is expensive for many ordinary Jamaicans but I believe if we want Financial Freedom we need to make some sacrifices.
- Do you think this investment is for you?
- Is it worth the risk trade off?
Financial World 