PanCaribbean to redeem preference shares
Published:Friday | September 30, 2011 | 12:00 AM
Pan Caribbean Financial Services said it will redeem the remaining 3.16-million preference shares in December, at the issue price of J$200 per share.
The investment company issued the 12.5 per cent cumulative redeemable shares to raise capital at the time that it was entering the commercial-banking sector.
The float raised J$1.26b in a 6.32 million unit take-up of the offer through the Jamaica Stock Exchange, half of which were redeemed earlier in August at the same J$200 per share.
The stock is currently trading at J$199, but has traded as high as J$220 within the past year. Relatively little trading has been seen in the stock, which has crossed the floor just 14 times within the same period.
PanCaribbean financed the August redemption from internal resources. At mid-year, the investment company held cash of J$2.6 billion, sufficient to cover the full dual redemptions as well as a planned dividend distribution amounting to J$362 million or 66 cents per share, on October 31.