Merger not ‘takeover’

THE NATION CORPORATION is not being sold out to Trinidadian interests.

Directors of the Nation Corporation made this point clearly at a Press briefing at the Hilton Barbados, Needhams Point, St Michael, yesterday morning.{{more}}

Nation Corporation chairman Sir Fred Gollop, chief executive officer Anthony Audain, director and corporate secretary Dr Grenville Phillips, director and Nation Publishing president Harold Hoyte and Vic Fernandes, director and chief executive officer of Starcom, stressed that THE NATION was joining with Trinidadian company Caribbean Communications Network Ltd. (CCN) to form a new regional media company.

And, while the new One Caribbean Media Ltd. (OCM), will initially be owned 58 per cent by CCN and 42 per cent by THE NATION, it was made clear that Barbadians would have the opportunity to own a stake when it becomes publicly listed on the Barbados and the Trinidad and Tobago stock exchanges.

The intention is to open up OCM to public ownership within the first quarter of next year, the directors said.

While not revealing how many shares would be placed on the market, the directors pointed out that the offer would be tiered, with NATION staff, followed by the Barbadian public, having the first options to purchase.

In the event that the shares were not all snapped up here, the offer would then be opened to the CCN staff and then the Trinidadian public.

While not revealing the exact details, the directors also pointed out that mechanisms were being put in place to ensure that a disproportionate number of shares did not end up in the hands of a large single investor.

The merger, it was pointed out, was a natural evolution of more than 30 years of shared interests between CCN and THE NATION, which would give the two companies the capitalisation and the leverage to operate on a regional and international scale. (CH)