FIDELITY BANK (BAHAMAS) LIMITED SERIES E NOTES LISTED ON THE BAHAMAS INTERNATIONAL SECURITIES EXCHANGE
Tuesday, 6 August 2013
The Bahamas International Securities Exchange (BISX) announced today that Fidelity Bank (Bahamas) Limited has successfully completed the listing process for their Series E Redeemable 6% Fixed Rate Notes due 2018 (the “Notes”) which are now listed on the Exchange under the symbol FBB18. The Notes have been added to the roster of securities listed on the Exchange and will trade through the BISX Automated Trading System (BATS).
CEO of Fidelity Bank, Mr. Anwer Sunderji commented: “Fidelity is pleased to have been able to issue and list $10m in new Series E Notes as its seeks to both finance its expansion and add to its growing base of investors. Through its Note offerings, Fidelity seeks to create unique investment opportunities through which to enable Bahamian investors to diversify their Bahamian dollar investment portfolios.”
BISX is able to list the secondary issues of public companies, the first company to take advantage to this was Fidelity Bank (Bahamas) Limited in September 2008 with the listing of four Medium Term Notes on BISX. Since that listing the number of secondary issues listed on BISX has expanded to 7 issues from 4 companies. These securities have seen high liquidity as evidenced by their high trading volumes, and the security of trading over an organized exchange. FBB18 will become the eighth secondary issue to have been listed on the Exchange.
Speaking about the FBB18 listing, Keith Davies, the BISX Chief Executive Officer stated: “Fidelity Bank (Bahamas) Limited has a long history with the Exchange, and we are happy to welcome this new issue from them. They have shown belief in our secondary issue listing facility that we have truly appreciated. We believe the fact that these new notes were listed on BISX speaks to the value that issuers receive from these listings.”
Speaking further, Mr. Davies noted: “Issuers benefit from a broader base of investors and a centralized location for the trading of their securities on the Exchange. National Stock Exchanges only thrive in a country when all market participants buy into the benefits that accrue from a nation having a regulated securities Exchange. Fidelity and BISX have both benefited from the listing of these notes, but as Anwer noted, I believe that Bahamian investors benefited the most from the ability to trade secondary issues over a regulated exchange.”
NOTE: Attached to this message is the BISX Formal Trading Notice for the Fidelity Bank (Bahamas) Limited Series E Redeemable 6% Fixed Rate Notes due 2018. This notice advises the public of the security to be listed on the Exchange and the trading symbol of the listed security.
Attachments
FIDELITY CLASS A PREFERENCE SHARES SUCCESSFULLY LISTED ON THE BAHAMAS INTERNATIONAL SECURITIES EXCHANGE
PRESS RELEASE – FOR IMMEDIATE PUBLICATION
FIDELITY CLASS A PREFERENCE SHARES SUCCESSFULLY LISTED ON THE BAHAMAS INTERNATIONAL SECURITIES EXCHANGE (BISX)
Monday, November 21, 2011
The Bahamas International Securities Exchange (BISX) announced today that Fidelity Bank (Bahamas) Limited has successfully completed the listing process for their Series A Variable Rate Redeemable Preference Shares (the “Shares”) which are now listed on the Exchange under the symbol FBBA. The Shares have been added to the roster of securities listed on the Exchange and will trade through the BISX Automated Trading System (BATS).
Anwer Sunderji, Chief Executive Of Fidelity Bank said “The successful placement of $10 million of these securities positions the bank to continue on its asset growth trajectory, which has resulted in the bank’s profitability rising sharply in recent months.” He added, “We are delighted with the listing on BISX as it will hopefully provide liquidity and greater transparency for investors.”
BISX is able to list the secondary issues of BISX listed companies with the Fidelity Bank (Bahamas) Limited Series A Preference Shares becoming the sixth securities to take advantage of this listing facility. Secondary Issues includes any securities issued by an already public company after their initial public offering. Included in the secondary listing category are corporate bonds, warrants and preference shares. The Series A Shares will trade over the Exchange abiding by the same trading rules as Fidelity’s ordinary shares.
Speaking about the FBBA listing, Keith Davies, the BISX Chief Executive Officer stated: “Fidelity Bank (Bahamas) Limited has a long history with the Exchange, and we are happy to welcome this new issue from them. They were the first company to list debt on the Exchange and the listing of these Series A Preference Shares represents, the sixth security that Fidelity Bank (Bahamas) Limited has listed with us, their having already listed their ordinary shares and four tranches of Medium Term Notes.”
Speaking further, Mr. Davies noted: “The fact that Fidelity Bank (Bahamas) Limited has listed all of these secondary issues on the Exchange, we believe, reflects the fact that they see the value that accrues to a securities’ investors from a listing on BISX. Investors benefit from increased liquidity, transparency in pricing, and a centralized location for buyers and sellers. We are pleased that Fidelity Bank and other responsible issuers continue to seek out a BISX listing for their securities.”
NOTE: Attached to this message is the BISX Formal Trading Notice for the Fidelity Bank (Bahamas) Limited Series A Variable Rate Redeemable Preference Shares. This notice advises the public of the security to be listed on the Exchange and the trading symbol of the listed security.
For Additional Information Contact:
Holland Grant
BISX Listing Manager
Tel: 242-323-2330
Fax: 242-323-2320
Email: info@bisxbahamas.com