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Financial News

Jul 2011 Financial News

Proven share price jumps 25%

Jul 20, 2011

Proven Investment shareholders finally budged yesterday — the fourth day the stock was available for trading — after a 14 US cent bid for close to 200,000 shares was accepted, which pushed the price of the newly listed stock up 25 per cent.

The 196,420 shares sold for US$27,500 ($2.36 million) yesterday marked the first to cross the floor of the US dollar denominated market on the Jamaica Stock Exchange (JSE), while the share price it traded for was a good deal below what shareholders were asking.

During the three trading days prior to yesterday's trade, shareholders were asking between 15 and 16 US cents per stock unit while the closing bid inched up each day from 11.7 US cents Thursday to 13 US cents Friday and finally 13.1 US cents on Monday.

The closing bid still stood at 13.1 US cents yesterday.

The Proven shares were introduced at US$0.112 cents a share with 294 million shares listed last Thurday.

Shareholders who bought into the company in early 2010, would have paid 10 US cents a share in the initial private placement that raised US$20 million from 200 million shares, which means that their investment is now worth 40 per cent higher.

Proven posted net profit of US$6.6 million and return on average equity of 20.7 per cent for the 13-month period ending March 31 2011, its first year of operations. Consolidated net revenue for the period under review was US$11.9 million, with net interest income of US$3.4 million or 29 per cent of total revenues.

At US$0.14 a share, Proven's market capitalisation stands at US$41.2 million.


Source:
Jamaica Observer
Wednesday July 20, 2011

http://www.jamaicaobserver.com/business/Proven-share-price-jumps-25_9255592#ixzz1SeWmu2Ri