Proven Wealth Limited brought their first Junior Market company to market with the listing of Eppley. With the listing of Eppley the Junior Market now has eighteen listings, with Eppley being the second company to be listed for 2013.
Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange in welcoming the audience, stated that “We cannot overemphasize the importance of the Junior Market in ensuring that new creative ideas, whether manufacturing or in this case, service gets the chance needed to make it from idea to development. The benefit of this market is not only in creating longevity but transparency. The benefit is also in seeing the companies that are listed produce excellent financial results for the company and by extension the shareholders. Growth in companies is almost always accompanied by growth in the economy. We understand that these companies receive a temporary shelter whether from corporate taxes, reduced listing or annual fees but this is done against the backdrop of full disclosure of their financial statements and other pertinent information to shareholders. I believe we can proudly report the following statistics which compares prelisting results to results as at the end of December 2012:
(a) Percentage increases in revenue ranging from 7.75% to 1,626.32%
(b) Percentage increase in profit ranging from 8.08% to 589%
(c) Percentage increase in GCT from 4% to 3,770%
(d) Percentage increase in Statutory Deduction from 3% to 173%
I urge you to remember the advantages of raising capital and listing on the Junior Market; which continue to be the possibility of reducing debt burden and high interest payments by substituting or adding equity capital; the daily valuation of a company’s shares; the ten year corporate tax concession for companies listed on the Junior Market; the low listing fees and the improvement of a company’s profile among other benefits”.
Dr. Nigel Clake, Chairman of Eppley, told the audience that Eppley was delighted to have access to the capital market to raise funds to finance their business and to be listed on the Stock Market was a privilege and Eppley would do all in their power to ensure that their reporting would be of the highest standard. He went on to thank the shareholders for the confidents they displayed in Eppley by purchasing the stocks.
Miss Chorvelle Johnson, CEO of Proven Wealth took the opportunity to thank all the persons involved in the listing. She stated that the process was fairly easy with the help that Proven got from the JSE, the lawyers and the regulators. Miss Johnson went on to say that Proven will be working assiduously to bring more companies to list not only on the Junior Market, but on the Main Market, along with other products.