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1.66M Ordinary C&W Shares on Sale
ByJoyette Mills-Ward
Business Reporter – SKNVibes.com
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Front Row left to right: Laverne Caines, VP Corporate Communications & Marketing; Dr Osbert Liburd,Director C&WSKN, Patricia Walters, Chief Executive/Director C&WSKN, Hon Terrence "Sam" Condor, Deputy Prime Minister
Back Row, left to right: Anthony Galloway, Broker Representative (SKNANB; Lyra Richards, Director C&WSKN; Trevor Blake, General Manager ECSE; Kevin Huggins, Broker Representative, BON. |
BASSETERRE, St. Kitts - CITIZENS and residents of the twin-island Federation, as from yesterday, can become shareholders of Cable & Wireless St. Kitts & Nevis Limited.
This announcement was made at the St. Kitts Marriott Grand Ballroom when C&W St. Kitts- Nevis Limited launched its public share offer just two weeks after the company’s official listing on the Eastern Caribbean Securities Exchange (ECSE).
The telecommunications giant is offering for sale 1,661,538 Ordinary Shares to the public, with effect from Wednesday, February 13 and concludes at 2:00 p.m. on Friday, March 28, 2008.
Chief Executive Officer C&W St. Kitts-Nevis Ltd., Ms Patricia Walters, revealed that the price for the shares would be EC$5 each, plus the applicable brokers’ fee. Walters further revealed there would be two official brokers allowed to sell the Ordinary Shares to the public, “the Bank of Nevis and the St. Kitts-Nevis-Anguilla National Bank.”
Walters, at the beginning of her presentation, implored potential investors not to construe the content of her presentation as legal or financial advice. Those present were also informed that the shares were traded infrequently and the price may not always be available, “and in some cases, persons wishing to dispose of shares held on the stock exchange may not be able to do so readily.”
Walters pointed out that shares were not going to be on a first come first serve basis. It was explained that on collection of all applications, shares would be allotted to successful applicants on April 11, 2008 and all of them would have the same priority.
The CEO also announced that details of the share offer could be obtained from either of the two local licensed brokers while application forms would be available at any C&W store in the Federation, or on ECSE website:www.ecseonline.com.
Addressing the gathering on behalf of the Prime Minister, Deputy Prime Minister Sam Condor expressed his gratitude to C&W for honouring their contractual obligations. “I am particularly pleased that I’m able to join in this launch of Cable & Wireless’ public share offer so soon after its Shares Listing on the Eastern Caribbean Securities Exchange.
“The level of cooperation and goodwill demonstrated by Cable & Wireless signifies that they are not only acting in accordance with the terms of reference of the agreement with the government, but gives evidence of their strong commitment to assisting and serving the people of St. Kitts and Nevis.”
Viewing the initiative as a form of people’s empowerment, Minister Condor said, “In particular, the transaction has facilitated the advancement of the government’s agenda for empowering our people through share ownership. We have therefore insisted that the allotment of the shares in Cable & Wireless, every applicant must be provided with at least a portion of the shares for which they apply.
“In other words, in the allotment of shares, every person must be provided the first 100 shares which they apply for before a second allotment is to any other person. Similarly, every person must be allotted the second share for which they apply.”
Condor added that this process would continue sequentially so that the smallest orders would be completed first and the largest ones last.
“It is expected that every eligible application would be allotted shares, but if the shares were over-subscribed, as I’m sure they will be, then the smallest applicants would have a higher percentage of their orders filled than the larger applicants would,” he said.
The Deputy Prime Minister declared that this system is consistent with the government’s strong focus to stay on course in protection of the small man.
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