Jan 2011 Financial News

Anbell owner seeks investors in start-up

Jan 19, 2011

Andrew Pairman, the sole owner of Intelligent Multimedia Limited (IML) will seek to raise up to $150 million on the private equity market by offering investors a chance to buy 25 to 40 per cent of the video board advertising company.

He plans to use the proceeds to build out the company's digital media content.

" ... The plan is to use the funds raised from the private equity deal to solidify its position and offer greater social media opportunities for corporate clients," said Mayberry Investment Limited, which has been appointed investment banker for the private placement.

The offer will pave the way for the eventual listing of IML on the junior stock market, but the timeline to go public was not disclosed.

Pairman has spoken before of his intent to seek capital through the equities market, but reports had focused on his more well-known communications company Anbell.

Last night Pairman said he decided to list IML instead of the group, based on the long term value proposition that it offers.

He said IML is also an independent, stand alone entity and that its only connection to Anbell is that both are owned by him.

He is sole owner of IML's 1,000 shares.

Details such as the open and close date and the price of the private offer was not immediately available.

"We were just hired in the last couple of days, so we are still working out the details," said Gary Peart, chief executive officer of Mayberry Investment Limited.

But, as stated in the release, private equity deals in Jamaica are limited to 50 persons or less.

IML is a start-up firm offering services in digital signage. The company was registered with the Companies Office of Jamaica in July 2009, and became operational a year later in June 2010 when its LCD screens were installed in selected outlets airing advertisements and content targeted at particular customer profiles.

Seeking to expand

Now, the company is seeking to build-out its operation to add more outlets and new social media products.

Pairman said the private offer is already generating interest and that he would "have to do some cherry-picking" to get a good fit of investors.

IML signages are now seen in 50 locations ranging from the tax collectorates, pharmacies, gas stations and fast food restaurants. Pairman said he intends to build out IML network of sign locations to 200.

Pairman's Anbell companies - Anbell Agencies Limited, which provides handsets, accessories and other wireless products and services to individuals, organisations, dealers and retailers; Anbell Media Limited which provides outdoors advertising and Anbell Telecommunications Limited which deals in Internet services - are all independent operations loosely referred to as Anbell group, he said.

It also includes Anbell Foundation, a charity organisation.

Pairman's planned venture in renewable energy has been put on hold, he says, while the Government works through its renewable energy policy.

"We don't think the time is right for the renewable initiative. There are things the government needs to work on and until that is addressed, we can't look at that initiative right now," said Pairman.

His venture into renewables was initially tied by him in February 2009 to the planned listing of Anbell on the junior stock exchange.

He declined to say what the renewable project entailed, only that it would require a big investment and that his float of Anbell would help raise capital for the project.


Source:
Sabrina Gordon, Business Reporter
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Wednesday January 19, 2011

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