Cable & Wireless convenes first AGM today since listing on the ECSE

Basseterre, St. Kitts- The 23rd Annual General Meeting (AGM) of Cable & Wireless St. Kitts and Nevis Ltd is set to be held today Friday 26th September at the Marriott Hotel at 5:00pm.  This will be the first AGM following the listing of the company on the Eastern Caribbean Securities Exchange in January this year and the subsequent share offer that followed.

Several new shareholders who purchased shares during this period are expected to attend their very first AGM today.

In February this year, approximately 1.66 million shares were placed on offer to citizens and residents of St. Kitts & Nevis by Cable & Wireless International, following the official listing of Cable & Wireless St. Kitts & Nevis Ltd on the Eastern Caribbean Securities Exchange (ECSE).

Chief Executive and Director of Cable & Wireless St. Kitts & Nevis Patricia Walters, said she is looking forward to welcoming the new shareholders to the meeting and anticipates their keen involvement in the proceedings.  “We know that many of our customers took the opportunity during the share offer to invest in our company and hence we want them to become active in the running of the affairs of their company to ensure continued profitability,” she said.

The expansion of individual shareholders was made possible following the sale of the 17% shareholding of the Government of St Kitts & Nevis to Cable & Wireless International (CWI) in September 2007.   At the time of the sale of shares, both Government and CWI committed to develop a framework for a Public Offer within 12 months, but with a significant amount of work in the interim months, the share offer was launched in March, and one month later shares were allocated in April.  So successful was the share offer that the 1.66m ordinary shares were oversubscribed by 884k shares, a clear indication of consumer confidence in the company.

Among other Agenda items of Friday’s meeting are the reports of the Directors and Auditors and the financial statements for the year ended 31 March 2008.

The meeting is expected to be very engaging and interesting with the usual active participation of many shareholders.

ENDS