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Jamaica Ltd was incorporated on 1 July 2018. On 5 August 2018, the company issued a prospectus offering 250,000 ordinary shares at an issue price of $10, payable on the following terms;

  • $3 on application
  •  $3 on allotment
  •  $2 on call one
  •  $2 on call two.
  • Call one was made one month after the date of allotment, and call two was made three months after the date of allotment.
  • When applications closed on 30 August 2018, applications had been received for 300,000 shares, including one applicant for 25,000 shares who had paid in full.
  • On 12 September 2018, the directors allotted the shares as follows;
  1. 25,000 shares were allotted to the applicant who paid for the shares in full.
  2. Applicants for 35,000 shares were refunded their application money in full.
  3. The remaining applicants were allotted the remaining shares. The excess application
  4. money on these shares was to be offset against the amount payable on allotment.

All allotment money was received by 25 September 2018.

The two calls were made on the dates stated in the prospectus, and a month after, each call monies were received, except that the holders of 15,000 shares did not pay either call. In addition a holder of another 10,000 shares did not pay the second call.

On 31 January 2019, the company decided to forfeit the shares for shareholders who had not paid the both calls. The shares were issued to the remaining shareholders for $8. After recovering the re-issue cost of $15,000, the balance of the forfeited shares account was refunded to the previous shareholders.


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