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The Prospectus

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The Prospectus THE PROSPECTUS Join the conversation @firstrockcap Dated the 5th day of December 2019 A copy of this Prospectus was delivered to the Registrar of Companies for registration pursuant to Section 372 of the Companies Act of Jamaica, 2004 (as amended) and was so registered on December 18th 2019. The Registrar of Companies accepts no responsibility whatsoever for the contents of this Prospectus. A copy of this Prospectus was also delivered to the Financial Services Commission for registration pursuant to section 26 of the Securities Act and was so registered on December 19th 2019. The Financial Services Commission has not approved the offer of Shares for which subscription is invited nor has the Commission passed upon the accuracy or adequacy of this Prospectus. Initial Public Offer by First Rock Capital Holdings Limited of up to 106,083,332 Shares of the Company in two (2) classes: (i) 51,053,333 US$ Class A Ordinary Shares at USD Subscription Price of US$0.12 or the US$ Reserved Share Price of US$0.108 per Share; and (ii) 55,029,999 J$ Class B Ordinary Shares at the J$ Subscription Price which is the J$ equivalent of US$0.12 per Share (calculated using the Subscription Rate as defined herein) or the J$ Reserved Share Price which is the J$ equivalent of US$0.108 per Share (calculated using the Subscription Rate as defined herein). with the right to upsize the offer by an additional 53,041,666 Shares in the event of oversubscription. Registered Address Financial & Corporate Services Ltd 1st Floor, Bourbon House, Bourbon Street, Castries, Saint Lucia Local Address Suite 6, 14 Canberra Crescent, Kingston 6, Saint Andrew Telephone (876) 774-1733 Email [email protected] Website www.firstrockcap.com FIRST ROCK CAPITAL HOLDINGS | PROSPECTUS 3 Initial Public Offer of up to 106,083,332 Shares of the Company in two (2) classes: 1. 51,053,333 US$ Class A Ordinary Shares of which: a) 16,250,000 Shares are available to the general public at USD Subscription Price of US$0.12 per Share; b) 14,553,333 Shares are reserved for subscription to Key Strategic Partners (as defined herein) at the US$ Subscription Price of US$0.12 per Share; and c) 20, 250, 000 Shares are reserved for subscription by First Rock Affiliates (as defined herein) at the US$ Reserved Share Price of US$0.108 per Share. 2. 55,029,999 J$ Class B Ordinary Shares of which: a) 37,916,666 Shares are available to the general public at the J$ Subscription Price of the J$ equivalent of US$0.12 per Share calculated using the Subscription Rate (as defined here); b) 3,613,333 Shares are reserved for subscription to Key Strategic Partners at the J$ Subscription Price of the J$ equivalent of US$0.12 per Share calculated using the Subscription Rate (as defined herein); and c) 13,500,000 Shares are reserved for subscription by First Rock Affiliates at the J$ Reserved Share Price of the J$ equivalent of US$0.108 per Share calculated using the Subscription Rate (as defined herein); payable in full on application, subject to the Company’s right to upsize the offer by an additional 53,041,666 Shares on oversubscription at the J$ Subscription Price ( J$ equivalent of US$0.12 per Share calculated using the Subscription Rate), J$ Reserved Share Price (J$ equivalent of US$0.108 per Share calculated using the Subscription Rate),US$ Subscription Price of US$0.12 per Share or the US$ Reserved Share Price of US$0.108 per Share as the case may be. Kindly note that the Jamaica Central Securities Depository charges an application fee of $163.10 (approximately $140 plus General Consumption Tax) in respect of each application for Shares. If any category of the Reserved Shares is not subscribed for by the persons entitled to them, they will first become available for subscription by the other Reserve Share category in that share class. If after that exercise has been completed in the allotment process, all categories of Reserved Shares are not fully subscribed by the persons entitled to them said Shares will become available for subscription by the general public. The applicable subscription prices per share class will apply accordingly. This policy will be applied absolutely across all categories of Reserved Shares as set out in paragraphs (a) and (b) above. In the event of an upsize, the Shares will be available for subscription by the Reserve Share applicants and/or the general public as determined by the Board of Directors of the Company. See Section 19 of this Prospectus for the terms and conditions of the Invitation. 4 FIRST ROCK CAPITAL HOLDINGS | PROSPECTUS Share Capital Number of Total Value Shares Authorised a) Ordinary Shares (i) Class A Ordinary Shares without par value Indefinite (ii) Class B Ordinary Shares without par value Indefinite b) Class A Preference Share of US$0.10 par 1,000,000 value each Issued a) Class A Ordinary Shares without par value 166,122,068 b) Class B Ordinary Shares without par value 0 c) Class A Preference Share of US$0.10 par 1,000,000 value each Now Available for Subscription in this IPO: If option to upsize is not exercised 106,083,332 Ordinary Shares in two classes @ J$ Subscription 106,083,332 US$12,324,999.84 Price (J$ equivalent of US$0.12 per Share calculated using the Subscription Rate), J$ Reserved Share Price (J$ equivalent of US$0.108 per Share calculated using the Subscription Rate), US$ Subscription Price of US$0.12 per Share or the US$ Reserved Share Price of US$0.108 per Share as the case may be. If option to upsize is exercised 159,124,998 Ordinary Shares in two classes @ J$ Subscription 159,124,998 US$18,487,465.46 Price (J$ equivalent of US$0.12 per Share calculated using the Subscription Rate), J$ Reserved Share Price (J$ equivalent of US$0.108 per Share calculated using the Subscription Rate), US$ Subscription Price of US$0.12 per Share or the US$ Reserved Share Price of US$0.108 per Share as the case may be. Assuming 53,041,666 Shares are allocated pro rata across the general public, Key Strategic Partners pool and First Rock Affiliates pools as follows: a) 51.06 % to the General Public: 27,083,075; b) 17.12 % to the Key Strategic Partners: 9,080,733; and c) 31.82% to the First Rock Affiliates: 16,877,858, US$6,162,465.62 at a value of: FIRST ROCK CAPITAL HOLDINGS | PROSPECTUS 5 Table of Contents Section 1 Important Disclaimers ....................................................................8 1.1 Responsibility for the Contents of this Prospectus. .8 1.2 Contents of the Prospectus ........................................................................8 1.3 The Initial Public Offer is made to Jamaican Residents in Jamaica Only .................................8 1.4 Acceptance of the Initial Public Offer ................................................................8 Section 2 Details of Application Process ..............................................................9 Section 3 Summary of Key Information on the Invitation ............................................10 Section 4 Letter to Prospective Investors ...........................................................13 Section 5 Definitions used in this Prospectus ........................................................15 Section 6 Disclaimer – Forward Looking Statements .................................................18 Section 7 The Invitation ............................................................................19 7.1 General Information .............................................................................19 7.2 Minimum Fundraising ...........................................................................19 7.3 Use of Proceeds .................................................................................19 7.4 Key Dates .......................................................................................19 7.5 Contact Information for Key Personnel in the Invitation .............................................20 Section 8 Information about the Company ..........................................................21 8.1 The Company ...................................................................................21 8.2 The Company’s Strategic Objectives ..............................................................25 8.3 Macroeconomic Data on the Commercial and Residential Real Estate Markets in Jurisdictions of Focus to Date .........................................26 8.4 Opportunities Executed to Date ...................................................................28 8.5 Pipeline Opportunities ...........................................................................36 8.6 Competitive Environment . .39 8.7 Capital Deployment & Allocation ..................................................................39 8.8 Investment Strategy and the Economics of the Company ............................................40 Section 9 Professional Advisors to the Company .................................................... 43 Section 10 Directors and Senior Officers and their Interests ......................................... 44 10.1 Biographical Details of the Directors and Senior Managers of the Company. 44 10.2 Directors’ Interests in Shares ....................................................................46 10.3 Corporate Governance and Accountability. .46 10.4 Directors’ Fees and Executive Emoluments .......................................................46 6 FIRST ROCK CAPITAL HOLDINGS | PROSPECTUS Section 11 Management Discussion and Analysis ....................................................47 11.1 Discussion ......................................................................................47
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