Cable & Wireless share offer closes with rush to National Bank
By Joyette Mills-Ward
Business Reporter-SKNVibes.com
~~Adz:Left~~ BASSETERRE, St. Kitts - AS time runs out on the opportunity clock to purchase shares from Cable and Wireless, St. Kitts-Nevis Limited, scores of citizens and residents thronged the stairway and waiting area of the National Bank Trust offices, located on Rosemary Lane, Basseterre, today just before 1 p.m. in apparent panic.
The sale of 1.66 million ordinary shares began on Wednesday, February 13, 2007 and closed today at 2 p.m. Shares were made available at EC$5 per share to citizens and residents of the Federation.
One person revealed that they were doing a favour for an overseas-based relative by going into Basseterre to make the transaction, and that they were not actually a last-minute type of person. It was further revealed that the relative had downloaded and printed the forms and submitted them long before today’s deadline, only to be told when he submitted them that additional forms needed to be completed.
Other persons who were buying shares for themselves were also met with the same inconvenience of having to fill out additional forms. This is, of course, after feeling that they had printed, completed and brought everything required to make the purchase of the shares.
Persons successful in purchasing shares will have another 15-day wait before knowing if they got the shares for which they would have applied, as announcements will be made on April 11, 2008.
Cable and Wireless recorded profits of EC$12.5m in 2007 which almost doubled that of the previous year (EC$6.4m).
