Main Event Entertainment Group Ltd (JSE:MEEG)

Company

MEEG is a Public company on the Jamaica Stock Exchange (JSE Junior Market).

Last closed on 2017-06-27 at
JSE - J$6.60 5.26% +0.33
Opened at : 6.27.

Trading History & Performance

Period% MovementHistorical Prices
(m/y)*
Total Volume TradedDays Traded
(U/D/F/NT/T)
WTD-2.51%6.77 Jun/178,0251 / 1 / 0 / 0 / 2
MTD-2.80%6.79 May/17517,38111 / 8 / 0 / 0 / 19
YTD+230.00% Dec/1624,196,64348 / 38 / 7 / 2 / 93
YTD 2016Pro1Pro1Pro1Pro1

KEY: U / D / F / NT / T represents Up / Down / Firm / Not Traded / Traded respectively

Business Profile

The Company is an event management, digital signage and promotions company that has become known in Jamaica for its creative and innovative services, and use of ‘state-of-the-art’ new technology.

It was incorporated on 15 June 2004 by founding Directors Solomon Sharpe and Richard Bair, each of whom had experience in the Jamaican event promotion industry, having conceptualised and executed events such as Beer Vibes and Hot Shots and the launch of the Desnoes and Geddes ‘Smirnoff Ice’ product through their former businesses. The Directors consider that the launch of Smirnoff Ice was a particularly significant moment: under their direction the venue was transformed into a supermarket, gas station, and nightclub, creating ‘atmosphere and vibes’ for guests of the client. This successful event was also the platform the founding Directors used to launch the Company.

Their collective experiences led them to establish the Company as a provider of event management, brand promotion and entertainment services under one brand.

Overview of Operations

The Company provides a diverse range of marketing, events and entertainment related services including equipment rental, graphic design, online marketing, project marketing and sound and video production. This strategy of the ‘one stop shop’ is one that the Company continues to follow because it offers the customer a more convenient, coordinated service and also, because it allows the Company to be responsive to the customer’s needs without the execution risk associated with managing a multitude of different contractors.

From inception, the Company’s clients included corporate businesses as well as individual customers who understood the need to maintain and expand market share through marketing and promotion. In its initial years, the Company designed and executed product launches, movie premieres and sponsorship launches in addition to designing and building carnival floats and trade fair booths. Clients of the Company began to commission more complex projects, including international franchise productions.

About the IPO

The Company is now seeking to raise approximately $120 million by inviting Applications for up to 60,001,000 Shares in the Invitation, inclusive of 15,000,500 Mayberry Client Reserved Shares that are initially reserved for priority application from, and subscription by clients of the lead broker, Mayberry, 15,000,500 Mayberry West Indies Reserved Shares, that are initially reserved for priority application from, and subscription by Mayberry West Indies Limited, 18,595940 Key Partner Reserved Shares that are initially reserved for priority application from customers, suppliers, agents and other key partners of the Company, and 4,801,920 Company Reserved Shares that are initially reserved for senior managers, directors and employees of the Company. All Shares in the Invitation are priced at the Invitation Price of $2.00 each.

Use of Funds

The Board intends to use the proceeds of the Invitation :

  • To purchase equipment for use in the business in order to attract and service increased numbers of customers (both contracted and one-off);
  • To upgrade and expand the Company’s operations islandwide in order to reduce service delivery times and costs;
  • For working capital and general corporate purposes;
  • and also, to pay the expenses of the Invitation, which the Directors believe will not exceed $12.5 million (inclusive of brokerage fees, legal fees, accountant’s fees, Registrar’s fees, filing fees, initial listing fees, marketing expenses, and GCT).

Key Ratios & Margins

Growth & Valuation

2016 2015
Market Cap: Pro1 Pro1
Book value:
Price/Book:
Price/Sales:
Price/Earnings:

Key Profitability Ratios

2016 2015
EPS: Pro1
Dividends per share:
ROE:
ROA:
Dividend Yield:

Margins

2016 2015
Operating Margin:
Profit Margin:

Analyst Ratings

Rating - Date
Barita:
JMMB:
Mayberry:
VM Wealth:

Ratios and key financials based on the audited financials for the dates stated above.

Top 10 Shareholdings

ShareholderNo of Shares% Owned

Shareholdings of Directors & Senior Management

Board of DirectorsDirect OwnershipTotal (Including Indirect)
Senior ManagementDirect OwnershipTotal (Including Indirect)

Key Numbers (Audited Year End Results)

Description2016 ($'000)2015 ($'000)2016 Rank
STATEMENT OF FINANCIAL POSITION
Cash (and equivalents): Pro3 Pro3 -
Inventory: Pro3 Pro3 -
Current Assets: Pro3 Pro3 -
Non Current Assets: Pro3 Pro3 -
Total Assets: Pro3 Pro3 -
Current Liabilities: Pro3 Pro3 -
Equity: Pro3 Pro3 -
INCOME STATEMENT
Gross Revenues / Sales: Pro3 Pro3 -
Cost of Goods Sold: Pro3 Pro3 -
Gross Profit: Pro3 Pro3 -
Operating Profit: Pro3 Pro3 -
Profit Before Tax: Pro3 Pro3 -
Net Profit: Pro3 Pro3 -
STATEMENT OF CASH FLOWS
Net cash (used in)/provided by operating activities: Pro3 Pro3 -
Net cash provided by/(used in) investing activities: Pro3 Pro3 -
Dividends paid: Pro3 Pro3 -
Net cash (used in)/provided by financing activities: Pro3 Pro3 -
Download Financial Reports Published by Main Event Entertainment Group Ltd (MEEG) - (Year End, Quarterly)

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