Mayberry Jamaica prospectus expected by month end
Published:Thursday | June 21, 2018 | 12:00 AMSteven Jackson
The prospectus for Mayberry Jamaica Equities Limited, MJEL, a fund run by brokerage firm Mayberry Investments Limited, should be released before month end.
The initial release was expected in March.
"We recognise that people want to see the value of the stock. We have been pushing for it to come out earlier but there were regulatory stuff we have to follow. I think we are basically there now," said Mayberry Investments CEO Gary Peart at the company’s annual general meeting on Wednesday. "There are rules, procedures and specifics that I wouldn't speak to but I wouldn't be surprised that by the end of the half year you get all the specifics," he said.
Mayberry Jamaica was formerly called Mayberry West Indies Limited. The subsidiary contains a portfolio of curated stocks listed on the Jamaica Stock Exchange. Mayberry said that since announcing plans to list MJEL, the value of the fund has increased.
MJEL's book value stood at some $7 billion as at December. The stock exchange requires that at least 20 per cent of a company be floated among investors in an initial public offering of shares. Already Mayberry shareholders have received 10 per cent of that value as a non-cash dividend.
"Ten per cent is already in the hands of shareholders but an additional amount will be issued in the initial public offering," Peart said.
The share float is likely to be valued at around $1.4 billion, but Peart did not give specifics on the company’s financials. Mayberry has over $18 billion in funds under management on behalf of 20,000 clients.