Tuesday, December 21, 2010

Dolphin Cove Limited Begins Trading on the Junior Market

Dolphin Cove Limited opened on the market with 1,000 units traded at a unit price of $3.10. This, after a listing ceremony at the offices of the Jamaica Stock Exchange (JSE) where the company became the seventh to be listed on The Junior Stock Exchange since its inception last year.

Stafford Burrowes, Chairman of Dolphin Cove Limited, expressed his appreciation to both the PanCaribbean and JSE teams for their support in bringing his company to the market. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange, noted that the listing was significant having achieved several firsts despite being the seventh company to list. She said, “The issue has raised the most capital with a total of 80 million shares at a price of $3.00 per unit valued at $240 million being raised in minutes of opening.”

She went on to commend the company indicating that; “it is the first entertainment company on the Junior Market and the first company from a city other than Kingston and Montego Bay to be listed.”

Wentworth Graham, Chief Regulatory Officer, JSE also commended Pan Caribbean Financial Services Limited (PCFS), lead financial advisor and sole broker to Dolphin Cove Limited on the outstanding prospectus presented, raising the bar for other brokers and the diligence exhibited in bringing Dolphin Cove to the market.

The initial offer to the public to subscribe for 80 million ordinary shares subject to a prospectus dated November 30, received overwhelming support from several sectors of the market resulting in the closure of the offer within 10 minutes of opening.

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