FINANCIAL outfit Eppley Limited raised $350 million in a new preference share offer that was oversubscribed 60 seconds after opening.
The funds will provide liquidity for the company to further offer insurance premium financing, lease and loan financing. Initially, the company aimed to raise $250 million but increased the value in order to take advantage of the interest expressed by applicants.
“In the prospectus we indicated that we had the ability to upsize to an amount of shares equivalent to raising approximately $350 million,” Eppley Managing Director Nicholas Scott told the Jamaica Observer in a phone interview following the offer. “So we exercised that upsizing option. To put it in plain English, the amount of money we will receive is approximately $350 million.”
Published in the Jamaica Observer
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