By S. Williams

The Bank of Nevis Ltd on Friday, Feb. 3 held a ceremony in the bank’s conference room to announce the launch of a capital increase of EC$20 million via a Rights Issue and Additional Public Offering.

Under the new Banking Act which came into effect in St. Christopher and Nevis on the May 20, commercial banks are required to set aside and maintain a minimum paid up capital of EC$20 million which must be in place by August 2017.

General Manager Everett Martin said, “In an effort to meet the short fall of the paid up capital requirement, shareholders of the Bank of Nevis Ltd at a meeting on Feb. 8, 2016 gave approval for a Rights Issue and an Additional Public Offering or APO to be conducted. During the Rights Issue shareholders owning shares as of the Jan. 25, 2017 are entitled to purchase one  right or share for each share held at the price of EC$1.”

Currently, the paid up capital of The Bank of Nevis Limited is EC$9.3 million, representing a total of 9.3 million shares at EC$1 per share. The Rights Issue opened on Feb. 1 and will close on March 31According to Mr. Martin, if all the shares are not purchased for the Rights Issue, the remaining shares plus a number equivalent value of no less than EC$10 million will be made available via an APO. The price of the shares offered by the APO will be communicated at a later date and the APO will open on May 1 and close on June 30, 2017.

“In accordance with the provisions of the Securities Act, Banking Act and the Companies Ordinance, shareholders of the Bank of Nevis Ltd are invited and encouraged to participate in the Rights Issue,” Mr. Martin said.

“Existing shareholders and the general public are invited to participate in the APO. The Rights Issue and APO will be made pursuant to a prospectus which has been approved by the Eastern Caribbean Securities Regulation Commission. And the prospectus and the application forms will be available at the Bank of Nevis Ltd Brokerage Unit and online on the bank’s website. The prospectus will also be available at other broker dealers in the Eastern Caribbean and Currency Union.”

The Rights Issue and APO will be made pursuant to a Prospectus which has been approved by the Eastern Caribbean Securities Regulatory Commission. The prospectus and application forms will be available at The Bank of Nevis Limited’s brokerage unit and online on the Bank’s website.  The prospectus will also be available through the lead broker dealer, Bank of St. Lucia Limited, Eastern Caribbean Securities Exchange (ECSE) and other broker dealers in the Eastern Caribbean Currency Union.

The Bank of Nevis Limited (BON) has been in operation since 1985 and is the premier financial institution on the island of Nevis with over 60 employees.  The Bank was created out of a desire to provide banking services to the local community with the objectives of creating jobs, developing business and industry improving housing stock and mobilizing savings both local and foreign.