The Bank of Nevis Limited announces today the launch of a capital increase of EC$20 million via a Rights Issue and Additional Public Offering.
Under the new Banking Act which came into effect in St. Christopher and Nevis on the 20th May, 2016, commercial banks are required to set aside and maintain a minimum paid-up capital of EC$20 million. This amount must be in place by August 2017. Currently, the paid up capital of The Bank of Nevis Limited is $9.3 million representing a total of 9.3 million ordinary shares at EC$1.00 per share. In an effort to meet the shortfall in the paid up capital requirement, the shareholders of The Bank of Nevis Limited at a meeting on 18th February, 2016 gave approval for a Rights Issue and an Additional Public Offering (APO) to be conducted.
During the Rights Issue, shareholders owning shares as at 25th January, 2017 are entitled to purchase one right (share) for each share held at a price of EC$1.00. The Rights Issue will open on 1st February, 2017 and close 31st March, 2017.
If all the shares under the Rights Issue are not purchased, the remaining shares plus a number equivalent to a value of no less than EC$10.7 million will be made available via an Additional Public Offering (APO). The price of the shares offered via the APO will be communicated at a later date. The APO will open 1st May, 2017 and close 30th June, 2017. In accordance with the provisions of the Securities Act, the Banking Act and the Companies Ordinance, shareholders of The Bank of Nevis Limited are invited and encouraged to participate in the Rights Issue. Existing shareholders and the general public are invited to participate in the APO.
The Rights Issue and APO will be made pursuant to a Prospectus which has been approved by the Eastern Caribbean Securities Regulatory Commission. The prospectus and application forms will be available at The Bank of Nevis Limited’s brokerage unit and online on the Bank’s website. The prospectus will also be available through the lead broker dealer, Bank of St. Lucia Limited, Eastern Caribbean Securities Exchange (ECSE) and other broker dealers in the Eastern Caribbean Currency Union.
We encourage all persons to invest and improve their quality of life with The Bank of Nevis.
Interested persons may contact The Bank of Nevis Limited at (869) 469-5564 extensions 245 or 373 or email – investments@thebankofnevis.com.
Information on The Bank of Nevis Limited
The Bank of Nevis Limited (BON) has been in operation since 1985 and is the premier financial institution on the island of Nevis with over 60 employees. The Bank was created out of a desire to provide banking services to the local community with the following objectives:
- Job creation
- Development of Business and Industry
- Improvement in the housing stock
- Mobilization of Savings – Local and Foreign
The Bank of Nevis Limited offers a comprehensive range of products and services including a variety of deposit accounts, mortgages, commercial and small business banking, credit and debit cards, ATM services, online banking, brokerage services, merchant services and foreign exchange purchases and sales. The Bank of Nevis Limited has EC$605.2 million in assets (as at 30 June 2016) and total capital resources of over EC$57.0 million. For more information, please visit www.thebankofnevis.com
