BISX PRESS RELEASE
FOR IMMEDIATE PUBLICATION
FOCOL CLASS B PREFERENCE SHARES LISTED ON THE EXCHANGE
Monday, June 09, 2008
The Bahamas International Securities Exchange announced today that the Freeport Oil Holdings Company Limited (FOCOL) had successfully completed the listing process for their Class B Preference Shares (“Preference Shares”) which are now listed on the Exchange under the symbol FCLB. The Preference Shares have been added to the official roster of securities listed on the Exchange and will trade through the BISX Automated Trading System. The total value of the listing will be $9,143,000, and arises from an offering conducted by FOCOL which ran from April 15 – April 30, 2008.
BISX is now able to list the secondary issues of any BISX listed company, with the FOCOL Class B Shares becoming the first securities to take advantage of this new listing facility. Secondary issues will include any securities issued by a listed company after their public offering, including corporate bonds, warrants and preference shares. The FOCOL Class B Preference Shares will trade over the Exchange abiding by the same trading rules as FOCOL’s ordinary shares.
Speaking about the listing, BISX CEO, Keith Davies noted “FOCOL was one of the original companies to list on BISX back in 2000, and it is fitting that they also took this significant step to become the first company to successfully pursue and achieve a secondary listing on the Exchange. We believe that this is another positive incremental step in the development of our capital markets and a great day for BISX. Now that we are able to list various secondary issues on the Exchange this will no doubt result in many benefits to the holders of these securities as well.”
Speaking further of the advantages to security holders from these securities being listed, Mr. Davies noted: “We see three main benefits to the security holders of listed secondary issues, first there is increased transparency regarding transactions in the listed security, second there is price discovery resulting from the display of all pricing and trading information, and third there is the ability to independently value the securities once they are listed. We see a natural progression towards the listing of secondary issues on the Exchange, both from issuers seeking to attract new and institutional investors, and from investors seeking greater protection and transparency from the centralized trading platform offered by an organized Exchange.”
The BISX CEO also indicated that he expected to list additional secondary issues from other companies in the near future.
NOTE: Attached to this Press Release is the BISX Formal Trading Notice for the FOCOL Class B Preference Shares. This notice advises the public of the security to be listed and the trading symbol of the listed security.
For additional information please contact:
Holland Grant, Listings Manager, BISX
Telephone: (242) 394-2503 / Facsimile: (242) 394-2504
Bahamas International Securities Exchange
8 Village Gardens
Village Road & Village Gardens P. O. Box EE-15672, Nassau, Bahamas Telephone: (242) 394-2503 Facsimile: (242) 394-2504 Email: email@example.com Website: www.bisxbahamas.comTrading_Notice_FCLB