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$10m Share Offer On Out Island Tour

ARAWAK Port Development (APD) executives are taking the company's $10 million share offering to the Family Islands, it was confirmed yesterday. APD executives and placement advisors for the initial public offering (IPO) will begin a series of investor meetings throughout the islands starting next Monday, in a bid to provide more information to the public on the investment opportunity. The first meeting will be held at 6.30 pm on Monday, January 9, at the Harry C. Moore Library, College of the Bahamas Oakes Field campus, followed by two meetings in Freeport and Eight Mile Rock, respectively, on Tuesday, January 10. Investor meetings are also planned for Abaco, Long Island, Exuma, Spanish Wells and Harbour Island during the week of January 16. "We want to ensure the greatest possible awareness of our offering throughout the islands, and provide opportunities for interested persons to ask additional questions they may have about us," Mike Maura Jr, APD's chief executive, said. APD holds a 20-year exclusivity agreement with the Government as the port for international freight in New Providence. Its shares, at $10 each, were made available on December 16 and remain on sale until January 31. APD and its financial advisers/placement agents, CFAL and Providence Advisors, had initially hoped to launch the IPO in late September/early October, but discussions between the Government and private sector on how to structure the IPO had delayed it. A minimum of 50 shares, at $500, must be purchased. In the end, the public will own 20 per cent while APD and the Government will own 40 per cent each. CFAL and Providence Advisors are placement agents for the offering. Copies of the prospectus and dates and venues for investor meetings may be found at www. nassaucontainerport.com.

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