Recent Items about: Public

Main Event Entertainment Group Ltd

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).

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