Friday, January 16 – Series 3 of the Tortola Pier Park Limited (TPPL) Public Offering opens today, January 16, and now permits all Non-US Persons residing in the Virgin Islands to apply for subscription. However, Belongers with US status to can still apply.
According to the public offering prospectus eligible investors are applicants 18 years of age or older; lawfully residing in the Virgin Islands, whether or not subject to immigration control; not applying as nominee for any other person, corporation, trust or fund that would not be an eligible investor; and not a United States person.
Also, the public offering’s ‘Share Application Form’, found in the prospectus, outlines all applicants’ eligibility to invest. Potential investors are encouraged to pick up a prospectus from the public offering’s Placement Agent, PMI Capital Services, located at the Mill Mall in Road Town.
Commenting on why the public offering is now open to the wider public, and not only Belongers, Placement Agent Mr. Clarence Faulkner said, “While the public offering was doing well with the level of subscription and investors, along with potential investors, there are those Virgin Islands residents who expressed serious interest in investing.”
He continued, “Now that Series 3 allows for non-Belongers to apply, we anticipate we will garner the support of those same persons who previously expressed interest, but were not permitted to apply.”
In the previous series, only Belongers with and without US status or non-US persons were allowed to apply to participate in the public offering. Series 2 closed yesterday, January 15.
The offer is categorised by Class A, B and C preference shares with annualised returns at 5.75 percent, 6.75 percent and 8.45 percent, respectively. Following the same order of the different classes of shares (A, B and C), preference shares will be automatically redeemed after seven (7), ten (10) and fifteen (15) years.
Interested persons can contact PMI Capital Services Inc. via telephone 494-4484, or e-mail pierpark@pmipensions.com or call the BVI Ports Authority at 494-3435 for more information.
The TPPL public offering is designed for the sole purpose of financing the Cruise Pier and Landside Development.
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British Virgin Islands News