The Board of Directors and Management of Gwest Corporation Ltd are deeply concerned about the articles published on the IC lnsider.com website dated September 6, 2018 and September 21, 2018, authored by John Jackson.
The first article dated September 6, 2018 speaks to Gwest Corporation’s first quarter report showing the issue of 250 million preference shares, and with quite remarkable language the writer concludes that the preferences shares in the capital of the Company have been allotted without authority.
We wish to confirm that at the Extraordinary General Meeting of the Company held on November 27, 2017, the following resolution was duly passed:
“As a special resolution that the Company be authorized to issue and/or allot Cumulative Non¬ redeemable Preference Shares with rights/restrictions as to Voting, Dividends and Winding up and/or otherwise as may be determined by the Directors of the Company or a Committee of the Directors appointed for such purpose, subject always to the Articles of Incorporation of the Company, and that the Directors of the Company or such Committee be and are hereby authorised to determine all such rights and restrictions and the Directors be and are hereby authorized to allot such Cumulative Non-redeemable Preference Shares at such subscription price per Preference Share as the Directors of the Company or such Committee may deem fit, the same to be allotted to shareholders of the Company who have invested in the capital of Company (in cash or in kind) with the understanding/pursuant to agreement(s) that such investment(s) will be recognized as shareholder loans or by the issue of preference shares, in each case on terms and conditions determined by the Directors of the Company, subject always to the Articles of Incorporation of the Company”.
The above resolution was passed specifically to facilitate non-redeemable preference shares being allotted to persons who had invested in the Company by way of shareholders loan made available to the Company.
Sections 18 and 19 in the November 2017 GWEST Prospectus specifically disclosed that shareholders loans were to be converted to preference shares, thereby reducing the servicing cost to the Company:
Shares in the capital of the Company are under the control of the Directors, as expressly provided for in the Articles of Incorporation.
In all the circumstances the allegations by the writer of the articles under review are unfounded and without merit.
It is unfortunate that the writer of the articles did not undertake greater due diligence towards determining correct factual positions, before publishing false and misleading material that could be injurious to the Company, this at a time when the Company has embarked on programs to stabilize its operations and to achieve its objectives in the short term.
Gwest statement on Preference Share issue
TTSE stocks slip lower – Thursday
The two main indices of the Trinidad & Tobago Stock Exchange, lost ground on Thursday, with the Composite Index falling 1.19 points to 1,218.81, the All T&T Index declining 2.67 points to 1,690.94, while the Cross Listed Index inched 0.04 points higher to 100.33.
At close, 16 securities changed hands, with the price of 2 rising, 4 declining and 10 remaining unchanged, against 19 trading on Wednesday.
The market ended trading of 988,299 shares valued $25,956,830, compared to 1,014,023 shares valued $26,822,916 changing hands on Wednesday.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading closed with 3 stocks ending with higher bids than the last selling prices and 6 with lower offers.
Stocks closing with gains| Massy Holdings rose 10 cents and completed trading at $47.20, after exchanging 108,701 shares and Trinidad Cement gained 4 cents and completed trading at $2.86, after exchanging 1,792 shares.
Stocks closing with losses|Ansa Mcal shares fell 50 cents and concluded trading of 260 units at $55.50, Prestige Holdings closed with a loss of 50 cents and concluded trading of 53,410 units at a 52 weeks’ low of $7.50, Trinidad & Tobago NGL shed 39 cents and ended at $29.15, after exchanging 30,776 shares and West Indian Tobacco lost 1 cent and concluded trading of 45,559 units at $88.44.
Stocks trading with no price change| Angostura Holdings settled at $15.75, with 251,063 stock units changing hands, Ansa Merchant ended at $38, after exchanging 17,110 shares, Clico Investments closed at $19.80, with 5,735 stock units changing hands, First Citizens ended at $32.60, after exchanging 131,600 shares, Grace Kennedy settled at $2.70, with 172,148 stock units changing hands, Guardian Holdings concluded trading of 123,581 units at $16.90, NCB Financial Group ended at $5.73, after exchanging 1,792 shares, Republic Financial Holdings completed trading at $103.69, after exchanging 26,016 shares, Sagicor Financial settled at $7.75, with 131 stock units changing hands and Scotiabank concluded at $64.94, with 18,625 units changing hands.
Prices of securities trading for the day are those at which the last trade took place.
TTSE stocks inched higher – Wednesday
The two main indices of the Trinidad & Tobago Stock Exchange, closed higher on Wednesday, with the Composite Index rising 1.70 points to 1,220, the All T&T Index gaining 3.36 points to 1,693.61, while the Cross Listed Index remained unchanged at 100.33.
At close, 19 securities changed hands, with the price of 3 rising, 4 declining and 12 remaining unchanged, against 16 trading on Tuesday.
The market ended trading of 1,014,023 shares valued $26,822,916, compared to 562,645 shares valued $7,567,683 changing hands on Tuesday.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer indicator reading closed with 2 stocks ending with higher bids than the last selling prices and 5 with lower offers.
Stocks closing with gains| Agostini’s advanced $1.82 to close at a 52 weeks’ high of $22.97, after exchanging 10,873 shares, JMMB Group closed with a gain of 5 cents at $1.65, after exchanging 60,362 shares and Trinidad & Tobago NGL gained 39 cents and settled at $29.54, after exchanging 49,741 shares.
Stocks closing with losses| Clico Investments shares fell 10 cents and ended at $19.80, with 12,727 stock units changing hands, Massy Holdings closed with a loss of 10 cents and concluded exchanging 5,258 shares at $47.10, Trinidad Cement shed 4 cents and ended at $2.82, after exchanging 800 shares and West Indian Tobacco lost 10 cents and completed trading at $88.45, with 26,146 unit changing hands.
Stocks trading with no price change| Angostura Holdings ended at $15.75, with 249,020 stock units changing hands, Ansa Mcal completed trading at $56, with 72,578 units, Ansa Merchant settled at $38, after exchanging 38,875 shares, First Citizens closed at $32.60, after exchanging 21,207 shares, Guardian Holdings completed trading of 143 units at $16.90, National Enterprises ended at $8.96, with 334,410 stock units changing hands. NCB Financial Group settled at $5.73, after exchanging 6,968 shares, One Caribbean Media concluded trading at $12.10, exchanging 595 shares, Prestige Holdings completed trading at $8, with 200 units, Republic Financial Holdings ended at $103.69, after exchanging 24,154 shares, Scotiabank completed trading of 99,466 units at $64.94 and Unilever Caribbean ended at $26.25, with 500 stock units changing hands.
Prices of securities trading for the day are those at which the last trade took place.
BOJ FX sale pushes rate down
The average rate for the Jamaican dollar auctioned by Bank of Jamaica in today’s B-FXITT Standard Intervention Auction came out at $135.42 down from $136.55 at last week’s auction.
Bank of Jamaica offered US$11 million for sale in today’s B-FXITT auction with 42 bids received covering US$23 million. Last week 41 bids were received amounting to $26.15 million for US$11 million on offer.
The country’s central bank will be offering US$41 million in sales over the next four weeks, including $11 million next week and US$10 million for the other three weeks up to October 17.
Today’s average rate compares with an average buying rate of $134.612 for purchase of US$33.75 million in Tuesday’s foreign exchange trading and an average rate of $135.56 with US$37.67 million being sold. On Monday, Dealers bought US$42.19 million at an average of $134.87 and sold US$42.19 at $135.95.
On Wednesday, the foreign exchange market closed with dealers buying US$56.88 million in all currencies which included US$49.86 million in US dollar currency at an average rate of $134.73 and selling a total of US$519 million in all currencies with the US dollar accounting for US$38.27 million at an average of $135.65, up slightly on Tuesday selling rate.