Dec 2010 Financial News

Dolphin Cove share offer is a hit. Three times oversubscribed.

Dec 17, 2010

PANCARIBBEAN Financial Services, the sole broker for the Dolphin Cove initial public offer (IPO) has announced the allotment of its 80-million share offer, following an oversubscription of almost three times the $240 million sought by the company.

The IPO was oversubscribed to the tune of $620 million (or 206.9 million shares), almost three times the amount on offer. PanCaribbean reports that 526 applications were received from both the general public and reserved share applicants on the opening date, Wednesday, December 2010. The offer closed 10 minutes after opening at 9 am as a result of the overwhelming oversubscription.

The shares will therefore be allotted as follows:

Applications for up to 50,000 shares will be satisfied as to 100 per cent. Applications for over 50,000 shares will be satisfied 100 per cent up to the first 50,000 shares and 28.06 per cent for additional shares, subject to rounding to the nearest 1000 shares.

The final allotment of shares will be made by the registrar of the company, the Jamaica Central Securities Depository within three to four weeks.

PanCaribbean is encouraging those who were unable to purchase shares in the IPO to do so on the Junior Market of the Jamaica Stock Exchange if and when the shares begin to trade.


Source:
Jamaica Observer
Friday December 17, 2010

http://www.jamaicaobserver.com/business/Dolphin-Cove-share-offer-is-a-hit_8238932#ixzz18NuskWOd