PRESS RELEASE – FOR IMMEDIATE PUBLICATION
Wednesday, April 18, 2012
The Bahamas International Securities Exchange (BISX) is pleased to announce that effective today the listing application submitted by the Arawak Port Development Company Limited has been formally approved by the BISX Listing Committee. Therefore, the company has been added to the Official Roster of companies listed on the Exchange. The ordinary shares (the “Shares”) will trade through the BISX Automated Trading System (BATS) under the symbol “APD”.
The listing of APD on BISX is the culmination of an effort that began in December 2011 with APD offering 1 million shares to the Bahamian investing public. This 1 million was combined with the 4 million shares already owned by the founding shareholders of APD and results in a total of 5 million APD shares issued and outstanding. APD will list these 5 million shares on BISX at an opening price of $10.00 and commence trading on Monday, April 23, 2012. As a result, APD will add $50 million in market capitalization to the Exchange.
Prior to submitting its application for listing to BISX, APD’s offering memorandum was reviewed and registered by the Securities Commission of The Bahamas in compliance with the Securities Industry Act, 1999. The offering memorandum was also reviewed by BISX to ensure that the offering memorandum met the disclosure requirements detailed in the BISX Rules.
Commenting on this latest listing, Keith Davies, the BISX Chief Executive Officer noted: “We are excited to add APD to the Exchange. What is most interesting about this share offering and listing is that this is one of the first times that Bahamians have been able to invest in a company that is still in the pre-operation stage of its development. The success of this offering should also illustrate the fact that Bahamians are willing to support and invest in strong companies based on their plans and future prospects.”
NOTE: Attached to this message is the BISX Formal Trading Notice for the Arawak Port Development Company Limited Shares. This notice advises the public of the securities to be listed on the Exchange and the trading symbol of the listed securities.
For additional information please contact:
Mrs. Elude Michel-Sturrup
Bahamas International Securities Exchange
Telephone: (242) 323-2330
Facsimile: (242) 323-2320