Telemedia shares go on sale
More than a year after its nationalization, Prime Minister Dean Barrow formally announced today the sale of shares in Telemedia even though compensation has not been settled and the value of the company will not be determined until after the litigation process is complete. Over twenty-two million ordinary shares are being sold for five dollars per share; that’s forty four point five percent of the issued share capital of Telemedia. The sale closes on the thirty-first of December and though that’s only a few months away, the litigation is expected to persist long after the shares are sold. While no major strategic Telecom company has partnered to buy the shares, Barrow indicated that the shares are currently being sold below the value that experts have determined. This means that reducing the price of shares by one dollar, ultimately taxpayers will pay the difference.
Dean Barrow
“The price per share at which we are making this offer for sale is a price that is below what the expert assessment suggested the shares would actually be worth in an open market and I make this point in order to reiterate, in order to stress again that the whole idea behind giving this company back to Belizeans is that all across the border, people should have a chance to participate.”
Net Vasquez, Chairman of Telemedia
net vasquez
“You can feel confident that the articles guarantee you a minimum of forty-five percent profit but the directors may declare even more than that percentage of the profits. Therefore I encourage everyone to give serious consideration in purchasing shares in Telemedia because it will be a high quality and profitable investment.”
dean barrow
Dean Barrow
“Government is committed to continuing its full scale support of this re privatization for the Belizean people by doing a number of things. First of which is to take back down the business tax that the business pays and this applies also to the other telecommunication provider but speaking particularly with respect to our exercise this morning, government will take back down the business tax that Telemedia pays to percent from the twenty-four point five percent. These handsome dividends we expect Belizeans to realize as the law now stands, would attract a fifteen percent withholding tax and at the same time we reduce the law to reduce business tax…we will introduce a law to remove the percent holding tax in Belize.”
The sale of ordinary shares is expected to generate over one hundred and ten million dollars.
And where to buy shares? we need more info.
I would buy shares in a company that is PROMISING a lot but still have not given its worth or
value. Whilst I believe that $5 per share is pretty reasonable–however one must acquire a
minimum of $500 in investment—thats not a lot either—do the math—most people prefer to
invest more if they have the money… The big question is how long will it take for these laws to
pass in regards to DIVIDENDS and Business TAX–after all it seems as though these laws can
change whenever it no longer works for the one’s who initiated it…I would be careful….
AS IAM NO EXPERT IN THESE MATTERS, THIS IS A QUESTION FOR SOMEONE WHO IS.
IF THE COMPANY IS STILL IN LITIGATION OVER THE LEGALITY OF THE GOV’T TAKING IT OVER. WHAT HAPPENS IF THEY LOSE THE CASE AND IT REVERTS BACK TO THE RIGHTFUL OWNERS AND HOW DOES THAT IMPACT THE FOLKS WHO MAY DECIDE TO BUY SHARES RIGHT NOW, WILL THEY LOSE THEIR MONEY.
That is a very, very good point blvnjah
This is how the big loans that(pup&udp)get from foreign banks end,they invest it in telephone companies.who knows what else?because every buisness the bze gov do is secrete.at the end poor belizens end up paying haigher taxes,every fee is invented and pass on to jobless belizeans,so they can pay back the loans.sick.very sick.
Oh yee of little faith! a $2,500 investment is nothing. Look at the bright side, you got to invest $$$$ in order to get back more $$$$.
Go for it Orlando……$2500 may not be much to you, but that is a large chunk to me. When BTL falls into a bigger mess than it is in presently (The Lord Ashcroft will not roll over anytime soon, and neither should he), just make sure the $2500 you handed over will not be missed in your pocket.
You need to speculate to accumulate, true…..but check the security of the gamble first, and this one is not worth it. Better chance of a decent return at the casino (and you know the casino’s odds are in their favor).
I have seen much info about buying shares in Belize, however how about those that live abroad, where can it be done? Any ideas? Please post.
How can someone sell something that is not the legal property of someone?