Community & Workers of Jamaica Cooperative Credit Union (C&WJCCU) has raised over $450 million in a recent deferred share offer to its members as well as other member organisations.
This raise seeks to facilitate continued operations and digital expansion for the company, support working capital needs and provide required liquidity in keeping with the organization’s strategic growth objectives.
MoneyMasters Limited was the financial advisor on the successful issue which opened on May 29.
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The company had offered 225,000,000 deferred shares at the price of $2.00 per unit with a minimum subscription of 25,000 shares with only members of C&WJ Cooperative Credit Union, other credit unions and member organisations, including pension funds, allowed to participate.
With a fixed interest rate of 8.50 per cent per annum for the first 24 months, the first dividend payment will become due and payable on July 23. After the initial payment, C&WJCCUL will pay dividends monthly, on the 23rd day of the month.
According to the release, “As we look to retire the existing stock of deferred shares, we are grateful of the support of the members in this raise as we seek to move the company forward. Having had a successful raise in previous years, we remain committed to the wealth of our members and working in tandem with you to achieve your financial goals.”
Since the last raise, the company has improved its operational capacity through technology aimed at convenience for its members, expanding its portfolio of products and services.
This offer matures in 2028.
