On Friday May 16, 2014 PROVEN Investments Limited announced the closure of its Right’s Issue offer with a total subscription of 341 applications. The offer, which opened on Monday, May 5, 2014, was a renounceable Rights Issue that allowed existing shareholders to take up the offer to purchase additional shares at a reduced cost of US$0.14 per share for every block of four shares held. From the Rights Issue a total of US$10.3 million has been raised meeting the target outlined in the Prospectus.

This represents the fourth share offering that PROVEN Investments Limited has made. The first was by way of private placement, in February 2010 to capitalize its’ operations. In July 2011 the Company listed United States Dollar denominated Ordinary Shares on the Jamaica Stock Exchange (“JSE”) and was the first company to do so in the history of the JSE.

To date, PROVEN Investments Limited has seen tremendous growth and now has a total of three subsidiaries that have been acquired through Private Equity Transactions, namely: PROVEN Wealth Limited, resulting from the purchase and renaming of Wealth Management firm Guardian Asset Management Jamaica Limited; Asset Management Company Limited, a consumables and business financing company and its most recent acquisition PROVEN REIT Limited which was formed as a vehicle for real estate related investments.

Also of note is that the Rights Issue offer opened following the announcement that PROVEN Investments Limited has signed an agreement to acquire 100% shareholdings in First Global Financial Services Limited (“FGFS”) from First Global Holdings Limited.

When asked about the future plans of the Company, PROVEN Management Limited President Chris Williams noted that “we are truly pleased with PROVEN’s growth to date. While we have significant plans in the pipeline to continue to grow and develop the business, we will as usual, move stealthily towards those developments. It is important for us to stay both focused and nimble so that as opportunities present themselves we are in a position to take advantage of them. The Right’s Issue offer is merely a stepping stone to where we would like to take PROVEN, but again it shows the level of confidence that our existing and new shareholders have in us.”