Social Security Board to vote on possible investment in Telemedia

The Social Security Board is expected to take a vote on Friday on whether or not it will invest fifty million dollars in BTL shares that were offered for sale on October fifteenth. We won’t know for sure until then but government is expecting the SSB to come through.  At the launch of the prospectus, GOB offered forty-four point five percent of the ordinary shares at a price of five dollars per share. Earlier today, the Trustees of the BTL Employees Trust made a public statement following their review of the prospectus to the effect that it provides only partial disclosure of critical information and that the selective omissions could amount to a misrepresentation. The trustees list five major concerns: Firstly, that the prospectus contains only a brief reference to the Trustee’s constitutional challenge. Secondly, it glaringly omits that the Court of Appeal may grant an injunction prohibiting the sale of shares or that the BTL Employees Trust may win its case on appeal. Thirdly, any member of the public, whether local or foreign, who bought shares will lose those shares if the appeal is successful. Fourthly, the prospectus also fails to mention that Jeffrey Prosser still has cases pending against Telemedia that could affect both the value of the shares and GOB’s ability to give good title to the shares.  And lastly that despite talk of a guarantee of profits, the source of this guarantee or expectation is not set out in the prospectus. According to the trustees, Temedia’s lawyer, Lois Young Barrow, is on record saying that if GOB loses the appeal, the shares will go back to its former shareholders. The release says that (quote) “The Trustees state that such failure to disclose the uncertainty as to GOB’s ability to give good title to the shares, and leading the public to believe otherwise is an irresponsible and misleading act by the GOB which should be immediately corrected. (Unquote)