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Proven raises US$20 million through private placement

Proven raises US$20 million through private placement

Published in the Jamaica Observer

PROVEN Investments Limited (PIL), the investment company spearheaded by Peter Bunting, has said its share offer, which opened on January 27, 2010, was fully subscribed.

Raised exclusively through a private placement, the US $20 million of equity raised by PIL represents one of the largest private or public US dollar offerings in Jamaica’s capital market history, supported by nearly 150 private placement subscribers.

“This achievement by Proven Investments is significant, given the challenging economic climate and the fact that Proven Investments is a start-up company,” said a PIL press release on Friday.

Chris Williams — president and CEO of Proven Management Limited (PML), which manages PIL’s assets and operations — said in the release that the feedback and support were “overwhelming” and expressed thanks to those who supported the offer. He also remarked that the US$20 million positions the company as a strong player in the investments market.

PML’s management team comprises a mix of financial sector veterans and promising young talents in the industry. The new investment vehicle is led by Bunting, Williams, Mark Golding and Gary Sinclair. Bunting and Golding are former principals of DB&G, while Sinclair is the former chief operating officer. Williams is the former managing director of NCB Capital Markets. In December, the company added Johann Heaven, a former vice-president of Scotia DB&G, and former Guardian Asset Management financial analyst Paul Simpson to its senior management team.

Proven Investments does not manage client portfolios, but rather invests funds exclusively on behalf of its shareholders, who will in turn share in the fortunes of the company. The business model focuses on growing shareholder value through the optimal use of capital, while eliminating front office costs.

 

 

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