Colina Financial Advisors Ltd. (CFAL) successfully completed a $10 million preference share offering for FOCOL Holdings Ltd. (FOCOL) on Monday, May 8, 2023. The offering of FOCOL Series E Preference shares was intended to remain open to the public from May 8 - 9, 2023. However, with strong demand from the investment community, the offering was oversubscribed by $6 million and a new target subscription amount of $16 million was achieved.

The cumulative preference shares were offered at a rate of 6.25% and will reach maturity on April 30, 2033. Investors were encouraged to submit applications as soon as possible as subscriptions were accepted on a first come, first-served basis. The minimum investment required to participate in the offering was B$50,000 with the option to further subscribe in increments of B$10,000 thereafter. The first dividend payment will occur on October 31, 2023. Dividends will be paid every April and October until April 30, 2033.

The FOCOL team plans to utilize the offering proceeds for the expansion of its new wholly owned subsidiary, Bahamas Utilities Company Limited (“BUC”). BUC was formed as a part of FOCOL’s integration into the wider energy industry. Company executives anticipate that this expansion will support the mission of BUC, which is to provide modern energy solutions to utility companies as they battle aging infrastructure amid increasing demand for energy.