Sterling Investment to seek funding via rights issue

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com

Wednesday, January 28, 2015    

Sterling Investment Limited (SIL) plans to hold a rights issue by March in order to raise capital.

It would represent the first public round of funding since the company went public last October.

“We haven’t determined the size yet, but it would be a non-renounceable rights issue of ordinary shares,” stated an SIL manager knowledgeable on the matter but who opted to speak on condition of anonymity because of company protocol.

Sterling listed by introduction its 4.01 million ordinary shares on the Jamaica Stock Exchange (JSE) at a price of $134 per share.

“It was a listing by introduction… and now we are doing the rights issue to raise capital for the first time since the public offer,” added the manager.

SIL previously raised cash in December 2012 with a private placement. It offered investors a $10-million minimum to buy-in the private placement.

SIL indicated that its investments in 2014 “outpaced the performance of local Jamaican dollar investment products”, yielding returns of 11.56 per cent up to September 2014. Other high-profile funds have yielded from 5.35 per cent to 8.2 per cent over the same period, it added in a release.

Sterling Asset Management Ltd (SAM) holds over $20 billion in assets under management. SAM manages SIL funds for a fee of some two per cent. The investment strategy primarily focuses on overseas financial instruments, primarily fixed-income securities that are traded on global capital markets.

Turning to opportunities in 2015, SAM chief executive Charles Ross noted that a ‘strong rally’ in US treasuries suggests that US interest rates may rise later than initially expected and that European economic weakness would persist, while commodity price declines could dampen inflation expectations.

“Attractively priced bonds provide good investment opportunities, and European Central Bank Quantitative Easing should bolster the market,” Ross commented while speaking at the company’s annual customer appreciation function last Thursday. “Our focus will be on bonds that offer the best risk-adjusted returns in the global marketplace.”

CAPTION

CHARLES ROSS, chief executive of Sterling Asset Management

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Sterling Investment to seek funding via rights issue

Sterling Investment to seek funding via rights issue

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com

Wednesday, January 28, 2015    

Sterling Investment Limited (SIL) plans to hold a rights issue by March in order to raise capital.

It would represent the first public round of funding since the company went public last October.

“We haven’t determined the size yet, but it would be a non-renounceable rights issue of ordinary shares,” stated an SIL manager knowledgeable on the matter but who opted to speak on condition of anonymity because of company protocol.

Sterling listed by introduction its 4.01 million ordinary shares on the Jamaica Stock Exchange (JSE) at a price of $134 per share.

“It was a listing by introduction… and now we are doing the rights issue to raise capital for the first time since the public offer,” added the manager.

SIL previously raised cash in December 2012 with a private placement. It offered investors a $10-million minimum to buy-in the private placement.

SIL indicated that its investments in 2014 “outpaced the performance of local Jamaican dollar investment products”, yielding returns of 11.56 per cent up to September 2014. Other high-profile funds have yielded from 5.35 per cent to 8.2 per cent over the same period, it added in a release.

Sterling Asset Management Ltd (SAM) holds over $20 billion in assets under management. SAM manages SIL funds for a fee of some two per cent. The investment strategy primarily focuses on overseas financial instruments, primarily fixed-income securities that are traded on global capital markets.

Turning to opportunities in 2015, SAM chief executive Charles Ross noted that a ‘strong rally’ in US treasuries suggests that US interest rates may rise later than initially expected and that European economic weakness would persist, while commodity price declines could dampen inflation expectations.

“Attractively priced bonds provide good investment opportunities, and European Central Bank Quantitative Easing should bolster the market,” Ross commented while speaking at the company’s annual customer appreciation function last Thursday. “Our focus will be on bonds that offer the best risk-adjusted returns in the global marketplace.”

CAPTION

CHARLES ROSS, chief executive of Sterling Asset Management

View the original article here

Sterling Investment to seek funding via rights issue

Sterling lifts Rodgers as Liverpool make semis

Raheem Sterling eased the pressure on under-fire manager Brendan Rodgers as Liverpool swept into the League Cup semi-finals with a 3-1 win over Championship leaders Bournemouth on Wednesday.

Rodgers has endured stinging criticism in recent weeks after Liverpool dropped down the Premier League table and crashed out of the Champions League in the group stages.

A dismal 3-0 defeat at arch-rivals Manchester United on Sunday prompted Rodgers to admit Liverpool’s squad lacked the unity that almost carried them to the English title last season.

In the circumstances, an embarrassing defeat to second tier Bournemouth would have been a major blow to the beleaguered Rodgers’ hopes of holding on to his job, but he was able to leave Dean Court with his head held high as Sterling’s double sandwiched a Lazar Markovic strike in a one-sided quarter-final.

“I thought it was a brilliant performance. It was always going to be a difficult job, but we controlled the game. We thoroughly deserved it,” said Rodgers, whose side will face Chelsea in the two-legged semi-finals in January.

“Raheem Sterling has got some stick recently which I find extraordinary. He is a kid of 20 and he has been outstanding for us.

“It didn’t matter who we got in the draw, it was just important to get there – to win this competition you have to win games against big sides.”

Despite their recent struggles, Liverpool had won at Dean Court in the FA Cup last season and, after Bournemouth’s Callum Wilson missed a good chance early on, the visitors took control.

England forward Sterling opened the scoring with a glancing header from close range after Jordan Henderson nodded Markovic’s cross back across goal in the 20th minute.

Rodgers’ relief was clear to see as he celebrated Sterling’s first goal since September by vigorously punching the air on the touchline.

And, with the Reds cutting through the Bournemouth defence at will, Rodgers was on his feet again seven minutes later to salute Liverpool’s second goal.

Philippe Coutinho ignored Bournemouth’s appeals for offside as he cut inside to test Artur Boruc with a low shot and when the ball spun out to Markovic, the Serbia winger kept his cool to sidefoot home his first goal for Liverpool from the edge of the penalty area.

With Liverpool’s supporters making their support for Rodgers loud and clear, Sterling ran clear to net their side’s third goal in the 51st minute as he glided past Tommy Elphick before slotting home.

Former Everton midfielder Dan Gosling got one back for Bournemouth in the 57th minute when his tame shot trickled past a weak attempted save from Brad Jones.

In Wednesday’s other quarter-final, Tottenham thrashed Newcastle 4-0 at White Hart Lane as the Magpies suffered more north London misery.

Five days after a 4-1 beating at Arsenal, Alan Pardew’s side were on course for another heavy defeat from the 18th minute.

Jak Alnwick, a 21-year-old making just his third appearance in goal for Newcastle, made a hash of catching a corner and allowed the ball to slip out of his grasp to midfielder Nabil Bentaleb, who hooked home from four yards for his first Tottenham goal.

Newcastle conceded again 36 seconds into the second half when Nacer Chadli drove a perfectly-placed shot into the corner of Alnwick’s net.

Harry Kane put the result beyond doubt when the Tottenham striker scuffed his shot past Alnwick in the 65th minute and Spanish forward Roberto Soldado added the fourth five minutes later.

Tottenham’s reward was a semi-final tie against third tier Sheffield United, who enjoyed a shock 1-0 win over Southampton on Tuesday.

“We have respect for Sheffield United. They deserve to be in the semi-finals. We expect a tough game,” Tottenham manager Mauricio Pochettino said.

Also on Tuesday, Premier League leaders Chelsea had advanced to the last four with a 3-1 win at Championship side Derby.

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Sterling lifts Rodgers as Liverpool make semis

Pound Sterling falls to 10 month low

The pound has fallen to its lowest level in 10 months amid uncertainty about Scotland’s future within the UK. 
The currency fell 1.3% against the US dollar yesterday to US$1.61.
It also fell one percent against the euro.

It has also fallen against the Jamaican dollar moving down from J$197.67 to one pound on July 22 to J$182.27 when the foreign exchange market closed Monday evening. 

The weakening came after a poll suggested supporters of an independent Scotland had taken a narrow lead in the referendum debate for the first time. 
Shares in Scottish-based firms suffered sharp falls on the stock market.

View the original article here

Pound Sterling falls to 10 month low

Raheem Sterling faces trial in September for assaulting girlfriend

News

Friday, August 09, 2013 | 11:03 AM

KINGSTON, Jamaica — Jamaican born Liverpool winger, Raheem Sterling will stand trial in September for assaulting his girlfriend Shana Halliday after he pleaded not guilty to the charge following his arrest on Thursday night.Sterling appeared at the city’s magistrate’s court on Friday to answer the charge after he was arrested at 10.30pm in Page Moss, Merseyside, England.According to DailyMail News online a Merseyside police spokesman said “Raheem Sterling, 18, of Woolton, was charged with Section 39 common assault. Sterling was remanded in custody to appear at Liverpool Magistrates’ Court today.”It is believed the couple had earlier been celebrating her 20th birthday with a meal out and a row is understood to have taken place afterwards.Sterling is due to travel with his team to Dublin on Friday for Saturday’s friendly against Celtic at the Arriva Stadium.“Raheem has denied the charges and as the case is ongoing, we will not be making any further comment at this time,” a Liverpool spokesperson said.The charge could lead to imprisonment should Sterling be found guilty.

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Raheem Sterling faces trial in September for assaulting girlfriend