Jun 2010 Financial News

Jamaican Teas offer oversubscribed

Jun 18, 2010

Mayberry Investments Limited (MIL) lead broker in the proposed admission of Jamaican Teas Limited to the Junior Market of the Jamaica Stock Exchange is advising the public that the basis for allocation of the shares will be posted on www.jamstockex.com next week.

Gross applications received were in excess of J$180 million. The prospectus held the Invitation for Subscription for Applications at 29,435,695 shares valued at J$3.37 or J$99,748,630.00.

All applications received prior to the opening of the Invitation at 9:00 a.m. yesterday were treated as all having been received at 9:00 a.m. and dealt with at that time on a first come, first served basis as stated in the terms and conditions set out in the Prospectus.

MIL is advising the public that due to the overwhelming response to the share offer, the allocation will be done on a proportional basis. All Applicants should note that they may receive a smaller number of shares than they have applied for, as Jamaican Teas Limited reserves the right to allocate on a proportional or other basis to be determined in its sole discretion.

Kingston based Jamaican Teas Limited, sole distributor of Tetley Tea products, is the largest producer of tea in the English- speaking Caribbean. The company exports 40 per cent of the tea produced in its Kingston, Jamaica headquarters and sell the remaining 60 per cent to the local market under various wholly owned brands such as Caribbean Dreams.

The corporate vision is to expand operations through further export. They also take the opportunity to develop local agriculture by packaging locally grown herbs such as Lemon Grass and Cerasee. Today the company produces approximately forty different types of teas and exports to twenty customers within the Caribbean and North America.


Source:
Jamaica Observer
Friday June 18, 2010

http://www.jamaicaobserver.com/business/Jamaican-Teas-offer-oversubscribed_7720791