138 Student Living board signs off on APO

The board of student housing company 138 Student Living Jamaica Limited has signed off on plans for an additional public offering of shares, or APO, but will need the approval of shareholders to execute the transaction.

The company, which builds and manages dorm rooms under concession at the University of the West Indies, wants to offer 775 million new shares to the market, valuing the planned APO at around $3.8 billion, based on Thursday’s closing price of $4.85 for the 138SL stock.

But as a precursor to that, it also needs shareholders to approve an increase of its current 480.5 million ordinary shares and 94.5 million preference shares to an unlimited amount of authorised capital.

138 Student Living currently has 414.5 million ordinary shares listed on the Jamaica Stock Exchange, valuing the company at $2.01 billion as of Thursday. There are also 34.53 million redeemable preference shares in issue valued at $2.6 billion.

The company’s financial adviser is GK Capital Management Limited.

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