January 11, 2013

Measures in place in event of oversubscription of shares in BOSVG – ECFH

Provisions have been put in place in the event that there is an oversubscription of persons interested in owning shares in the Bank of St Vincent and the Grenadines.{{more}}

Diane Augustine of St Lucian based Eastern Caribbean Financial Holdings Limited (ECFH) said on Monday that in the event of an oversubscription, the issue will be allocated on a pro-rated basis to allow for everyone to access some of the shares.

The allotment process to successful candidates will begin on January 25 and will close on January 31 and shares will be allotted to subscribers in the following priority, beginning with nationals of St Vincent and the Grenadines, local unincorporated entities, registered pension funds, credit unions and cooperatives, locally registered companies and investors from across the Eastern Caribbean Currency Union (ECCU).

Copies of the prospectus can be obtained from the BOSVG Reigate branch and the application form is attached at the back, she explained.

During the application process, applicants must bring along a photo I.D. and the required amount needed to make the investment; in the case of corporations, Augustine said that a copy of the company’s articles of association must be presented, along with a list of the signatories and the relevant I.D cards.

Refunds in respect of shares applied for, but not allotted, will be made to all applicants concerned by their brokers within five business days of the close of the allotment period.

Earlier this week, it was announced that 2,000,000 shares or half of the 40 per cent shares owned by the government were going up for grabs at $8.64 per share.

It is the third phase of the divestment of shares, which began in November 2010 with the selling of 51 per cent of the NBC shares to St Lucia based Eastern Caribbean Financial Holding Co (ECFH) and the sale of 9 per cent of the shares to the National Insurance Services (NIS) and the bank’s staff – 8.1 and 0.9 per cent respectively. (DD)