Susan Gordon, Staff Reporter
BLYTHE
THERE ARE definite plans to list the CVM Television Limited on the Jamaica Stock Exchange within a 12-month period or less says chairman of the parent company, CVM Communications Group, Neville Blythe.
He was speaking at the company's extraordinary general meeting yesterday at the Knutsford Court Hotel in Kingston.
BROADEN ITS EQUITY BASE
However, before listing, Mr. Blythe said the company first wishes to broaden its equity base by raising an additional $100 million by way of a rights issue. This additional fund should come from the creation of 200 million shares at $0.50 each which the directors of CVM Television have got the authorisation both major and minor shareholders to buy into.
"I think a time has not been set, but hopefully in a 12-month period or before" said Mr. Blythe speaking of the timing of the listing.
"We are trying to clean up things and we are at the stage now where the time is right to try to get it in as early as possible," he added explaining that the company should have already gone public. He said he is confident that the company is now ready to list especially since the brand looks stronger and the technological and human resources are at satisfactory levels.
Noting that CVM is already a public registered company, Mr. Blythe said the company are now in discussion with stock brokers to prepare documentation for the listing.
UNDERWRITERS
"We haven't settled on any lead broker as yet," explained president of the CVM Television, Dr. David Mc Bean. He said, however, based on the capital involved, the directors have been toying with using either Mayberry Investment or NCB Capital markets to be their underwriters.
And for members of staff of the company who have not yet acquired shares in the company, Mr. Blythe said, "There's a block of shares still open for staff, who need to buy as many as 50,000 shares."
Asked by one of the share-holders whether or not the sale of the United General Insurance Group will affect the listing, Mr. Blythe said, "There is no relation between UGI and CVM except that common denominator."
He concluded, "UGI is not for sale. The insurance company is trying to go public hence trying to broaden their asset base."
