Victoria Mutual Lists its Investment Arm
29 Dec 2017 | Back to News
Published: Friday, December 29, 2017
Courtney Campbell, President and CEO, Victoria Mutual Group (Left) and Michael McMorris, Chairman, Victoria Mutual (Front Left) insert the strip signifying Victoria Mutual Investments Limited being listed on the main market of the Jamaica Stock Exchange on December 29, 2017. Sharing in the moment are (2nd Left to Right),Marlene Street Forrest, Managing Director, Jamaica Stock Exchange(hidden); Devon Barrett, Group Chief Investment Officer, Victoria Mutual;Sandra Shirley, Director, Victoria Mutual and Colando Hutchinson, Head, Capital Markets, Victoria Mutual Wealth Management.
Over 52% of applicants from the general public received their full allotment of Victoria Mutual Investments’ shares following its initial public offer.
A total of 85% of applicants designated as VM Group’s Members and clients received full allotment.
Applicants in the VM Group Members Reserved pool received up to 200,000 shares, plus 6.54% of any excess over this initial 200,000, while the general public received an allotment of up to $30,000 shares and a prorated amount of approximately 4.03% of any excess over the initial 30,000 units” said Devon Barrett, Group Chief Investment Officer at Victoria Mutual. Barrett was speaking at the listing ceremony for VMIL on the main market of the Jamaica Stock Exchange (JSE) on Friday.
The Initial Public Offering (IPO), was opened on December 11, 2017 and closed earlier than scheduled on December 12, due to oversubscription, was a resounding success, significantly exceeding its target of just under JMD$700 Million with applications totaling over $2.8 billion.
“This is a historic moment for the Victoria Mutual Group,” said Barrett, “as it is the first time in Jamaica that a mutual financial institution will list a subsidiary on the Jamaica Stock Exchange.”
Devon Barrett, Group Chief Investment Officer, Victoria Mutual, delivers remarks at the listing ceremony for Victoria Mutual Investments Limited on the Jamaica Stock Exchange on Friday. Listening intently are (L-R) Courtney Campbell, President and CEO, Victoria Mutual Group; Marlene Street Forrest, Managing Director, JSE and Michael McMorris, Chairman, Victoria Mutual.
According to Courtney Campbell, President and CEO, Victoria Mutual Group, the move to raise capital via an IPO was to better enable the Victoria Mutual Investments Limited to grow its business of providing financing solutions for Small and Medium Sized Enterprises (SMEs) and to capitalise on new business opportunities.
“We have at our core, the mission of promoting financial inclusion for everyone. This is evident in the fact that our allotment formula ensured that the majority of the over 4300 subscribers from the VM Group and the Public had their applications fully satisfied. It was important for us to provide value to our Employees and Members and clientsby facilitating their participation in the ownership of the company and the resultant benefits,” Campbell said.
“All of us in the VM Group are deeply committed to our purpose of empowering our fellow Jamaicans to achieve Financial Independence.We are committing at least $1 billion of financing to SMEs in 2018 but stand ready to offer our Corporate Finance expertise to guide entrepreneurs on how they can access a wider pool of debt and equity funding to take their businesses to the next level,” he said.