EDITOR, The Tribune.
Please permit me to express my view on the recent article you published regarding the FOCOL rights offering.
I think some of the commenters on that article raised interesting points. The article seemed like a magician was doing a magic trick rather than a financial piece. As was commented, how do you go from a buyback position to asking shareholders to invest more to raise capital. Also, if you made so much money from the prior year which would have added to your retained earnings, why aren’t you using your retained earnings for whatever plans you have now? That’s part of the beauty of retained earnings. When companies make a lot of money they do one of two things or both, give back to shareholders in dividends or invest in the company.
So, here you have it, they are making record profits and they haven’t mentioned giving additional funds to shareholders in dividends and they’re not announcing this record profit would be pushed into new investments. They are asking for new money to be put in for capital expenditure. Also, they are coming to the market for new funds but have not stated why the funds are needed. This is highly irregular.
Looking at the article and I think someone commented, the journalist covering this story seemed to be taking notes as opposed to asking questions to dig into the story. Often it seems some of the people commenting after the articles should be the journalist and the journalist should be the one commenting. Too many in the media seem to be passing messages. It’s sad.
There were a ton of holes in this ask from FOCOL. To be frank, they shouldn’t be asking for a dime. They should be giving back you shareholders, not taking from them. This is a disgrace. So, if you read into this, if the money isn’t being spent for projects and it’s not being passed to shareholders this isn’t for the benefit of shareholders. It only benefits the company. The company now passes the risk of this new venture to shareholders while keeping the money they made which they made on the backs of shareholders. This is greed personified.
Can someone somewhere challenge nonsense like this?
CONCERNED BAHAMIAN
Nassau
February 16, 2024.
Comments
ExposedU2C 8 months, 3 weeks ago
Snake is well known to be one of the most boisterous and loud mouthed wafflers in the Bahamas, always seeking to part the more gullible from their hard earned money for ultimately his own personal benefit. The insatiable greed and bullying tactics of the Snake and his family have no bounds and the smart money always stays well clear of him.
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