Ashford W. Meikle, Staff Reporter
Brian George of Supreme Ventures Limited. - WINSTON SILL/FREELANCE PHOTOGRAPHER
PROSPECTIVE INVESTORS in Supreme Ventures Limited's (SVL) initial public offering (IPO) will have to wait a while longer as it is unlikely that the company will list before January next year, according to SVL president and chief executive officer, Brian George.
"We will be listing no later than January 2006," said George, as he spoke to the audience at Mayberry's Investor Forum on Wednesday night at the Knutsford Court Hotel in New Kingston.
The Betting, Gaming and Lotteries Commission, which had earlier mandated SVL to be publicly listed by December 2005, recently granted a one-month extension of that mandate to January 2006.
According to the Supreme Ventures boss, "The specific date I cannot give you because we are in the process of finalising the prospectus which must go down to the regulators ... the Stock Exchange and the Registrar of Companies, for approval before we are able to speak publicly about the actual date ... of the offer."
But while George declined to give specific dates, saying only "The offer will come ... within the next six to eight weeks," the Financial Gleaner understands from a reliable source that the prospectus will be distributed around December 6 with the offer opening the following week. Thereafter, the listing on the Jamaica Stock Exchange is expected no later than the second week in January with cross listing in Trinidad slated for March 2006.
In July Supreme Ventures held a private placement for high net worth individuals. The offer was highly successful, closing within hours of its opening and raised over $1 billion. That money will be used to eliminate its debt acquired as a result of its acquisition of Jamaica Lottery Company, as well as funding its local and regional expansion.
The betting company's plans to list on the JSE comes at a time when the equities market is in - according to one analyst - a "graveyard mood." For example, the main JSE Index has lost some sixteen per cent in its points since the beginning of the year.
Further, Capital and Credit Merchant Bank's recent rights issue, while described as a success for the company, only managed to raise 89 per cent of the $1.2 billion the company had sought from the almost 59 million shares offered to the public.
Still, the company is convinced that, as the leading player in the $15 billion wagering industry, its aggressive marketing campaign and the 'hype' the public will be sufficiently excited with its IPO.
Pointing to Supreme Ventures future plans, Mr. George said the company is engaged in ongoing negotiations to establish online games in Nicaragua and lottery gaming in Ecuador, Panama and Guyana. He also said that SVL is looking to participate in the U.S. PowerBall lottery.
