Proven promises strong performance as public company
Published:Sunday | July 17, 2011 | 12:00 AM
Proven Investment Limited, a cash-rich investment fund, has promised shareholders that it will deliver strong performance and integrity as it debuted on the Jamaica Stock Exchange (JSE) as the first listing in the new US-Denominated Market.
Proven investors, in an apparent show of confidence, held their shares on its first day of trading.
It resulted in Proven's price remaining unchanged at US$0.112, with a US$32.9 million market capitalisation.
Proven's listing-by-introduction enables its 150 existing shareholders to trade shares with the public.
"There was one buyer, but no seller for the stock," according to a JSE spokesman.
The JSE now operates six indices including the Main JSE Index, the All Jamaican Composite Index, the JSE Select Listed Index, JSE Cross Listed Index, the Junior Market Index and the US-Denominated Index.
"The promise we are giving our participants going forward is integrity and performance. Proven must continue to be known for the highest standard of integrity. We say to the market that Proven will operate at the highest level of transparency," said Christopher Williams, chief executive of Proven Management, Thursday at the official listing ceremony held at the JSE.
"Second, we promise you performance. We fully recognise that the purpose of Proven is performance. Individuals from near and far will be putting their hard-earned cash into shares of Proven for one reason: For Proven to perform and ... Proven is committed to performance."
Proven represents the first US-dollar listing, and investors will pay attention to its performance, said JSE general manager Marlene Street Forrest.
"This is an important step in market development. Liquidity and transferability of securities are necessary components to market development. It will provide more regulated options for investors in and outside of Jamaica," she said.
"We see value to the country at large, and we anticipate that even within the constraints of the regulatory framework that Jamaicans in Jamaica and the diaspora will seek to partake in the value that has been created, thereby ensuring another source, or a redirection of inflow, of US dollars to the island."
Proven was incorporated in the tax haven of St Lucia on November 25, 2009, by Jamaican shareholders, and commenced operations on March 1, 2010.
Earlier this month, Proven announced that it was likely to raise funds in a rights issue once it finalised an ongoing acquisition deal. Concurrently, the company said it would list in The Cayman Islands.