Tropical Announces Further Extension of Additional Public Offering (APO)

• On June 20, 2024, Tropical Battery Company Limited (TROPICAL) advised that, following requests from several institutional and other prospective investors for additional time to complete their internal investment processes, the Company has elected to extend the Closing Date of its Additional Public Offering (APO).
• After consulting with its lead brokers, NCB Capital Markets Limited and Sagicor Investments Jamaica Limited, TROPICAL has approved a further extension of the APO Closing Date from Friday, June 20, 2025, to on or before Friday, July 4, 2025, at 4:30 PM.
• This extension underscores TROPICAL’s commitment to enabling broad-based investor access and ensuring that all interested parties have adequate time to participate in this significant capital-raising initiative.
• Tropical is seeking to raise capital through an APO. The company is offering 954.54Mn new ordinary shares, with the possibility of increasing the offering by an additional 168.44Mn shares, for a maximum total offer size of 1.12Bn new ordinary shares. The APO price is J$1.87 per share.
• At market close on Monday, Tropical’s stock price was J$2.03, down 23.64% since the start of the year, and 8.56% above its APO offer price. At its current price, the company trades at a trailing P/B of 2.76x, below the 3.75x average for the Junior Market Distribution Sector.

(Sources: JSE and NCBCM Research)