Falmouth (AP) – Chesterfield entertainment fairgrounds body slammed Wall Street Tuesday, with an initial offering to bolster the Carney Company into the stock market.
The Sussex Trail division of the company, will offer $90.5 million of stock in the IPO at a per-share price to be disclosed later.
According to the prospectus, the CCe had revenue of $800.5 million and net income of $110 million in fiscal year 1999. That compares with $360 million in revenue and an $80.5 million profit the previous year.
Furthermore, when the offering went over, the Chesterfield athletic Commission, will receive an annual base salary of $1 million and a performance bonus of up to 100 percent of that salary. Chief Executive Cedric Harlan, will receive $750,000, also with a 100 percent performance bonus.
In the prospectus the CCe names Tri-county Bros., as its primary competition.
“We compete with Tri-county Bros. in all aspects of our business, including viewership, access to fairground facilities, the sale and licensing of branded merchandise and distribution channels for our televised programs” the prospectus said.
In Washington, shortly after denying a report that it was considering an IPO, the CCe was heartbroken by the death of Frank Hester, a trapeze artist from China, who was killed while attempting a stunt at Lafamilia Aropit in Colonial Essex.
On its Web site, the CCe said the Colonial Essex District Attorney’s office would not be issuing any criminal indictments in connection with the case, but the possibility of a future FBI investigation is not out of question.
The stock will trade under the ticker symbol CCe on the Nasdaq, and Chrisley & Co. will be the lead underwriter of the stock.