Caribbean Union Bank shareholders said to be worried about sale of shares

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By Theresa Goodwin

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Shareholders in the Caribbean Union Bank Ltd. (CUB) are reportedly raising concerns over two separate transactions as it relates to the sale and purchasing of shares in the financial institution.

This comes days after shareholders, Radford and Cecile Hill, expressed a desire to sell all their 373,959 shares in CUB.

One of the questions being raised is whether someone had already purchased the shares owned by the Hills some time before the information was made public, and the other has to do with the new applicant who has expressed an interest in purchasing shares in the bank.

The information regarding the sale and purchase of shares was contained in a letter dated October 21 that was sent to all existing shareholders.

According to the letter, which has since gone viral, “By virtue of the by-laws of the company, each shareholder shall have the right of first refusal to purchase shares sold in the company in proportion to the existing shares currently held by the existing shareholder.”

An existing shareholder of the bank would be able to purchase the shares owned by the couple at fifty cents per share

The document also noted that the offer for sale shall remain open until November 4th, and if no one expresses an interest, the offer will be made to the public at market price.

On that same day, October 21, CUB shareholders received a second notice regarding an application from a new potential shareholder to purchase shares.

Read more in today’s newspaper

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