May 2012 Financial News

NCBJ - Proposed Cross-Listing

May 23, 2012

National Commercial Bank Jamaica Limited (NCBJ) has informed the Stock Exchange that since its last communication in May 2011 regarding its plans to launch an initial public offering of its shares, and to cross-list, in North America, the Company has since been constrained in its communications, due to regulations in the United States of America (the selected jurisdiction), which required it to maintain a “quiet period”. However, in August 2011, NCBJ’s shareholders approved the removal of the cap on its authorized share capital
and the offer of the shares outside Jamaica. NCBJ is now able to advise that is has filed its F-1 Registration Statement, including a preliminary prospectus, with the United States Securities & Exchange Commission, a copy of which can be accessed at http://www.sec.gov/Archives/edgar/data/1534317/000119312512241933/d287275df1.htm.

The offering size is now contemplated to be US$225 million. However, NCBJ’s underwriters have an over-allotment option which could result in the increase in its share capital being higher than that amount if the offer is successful. What will be marketed in the United States are not the shares themselves but American Depositary Shares (ADSs), consisting of a multiple (to be determined) of underlying shares in National Commercial Bank Jamaica Limited which will be issued to its US depositary, While the Company will not be conducting marketing activities in Trinidad & Tobago, persons in Trinidad & Tobago who are interested in acquiring the ADSs may contact their US stockbroker for such information and advice as they may require to pursue that interest. NCBJ has selected the New York Stock Exchange as the Exchange on which it will seek to have the ADSs listed.


Source:
The Trinidad and Tobago Stock Exchange Limited
Wendesday May 23, 2012