Anglec shares on sale to public

Lucky winners of the ANGLEC shares.

ANGUILLA–A large cross-section of Anguillians gathered at The Valley Post Office on Friday afternoon, August 25, to witness the Government of Anguilla’s (GoA) ceremonial launch of the sale of its Anglec shares, and to hear a summary of the year-long preparatory work involved in the sale. A very detailed, professional and comprehensive 101-page prospectus filled with a wealth of information concerning Anglec’s past history, present status and a forecast of future expansion and undertakings was made available to all attendees. The GoA will offer all of its ordinary shares, totalling 4,636,100 shares, for sale at the cost of EC $5.86 per share with a minimum investment ceiling of 100 shares per applicant from August 25 to September 25. Reigning Anguilla queen Dee-Ann Kentish-Rogers said during her welcoming remarks that opportunities come infrequently and when it rains gold we should put out a bucket, not a thimble, stressing that the funds raised by this sale will help to make a better Anguilla. She spoke directly to the younger population, advising them to begin development of their financial portfolios and encouraging them to engage in this current opportunity to take control of their national assets.

 Chief Minister Victor Banks addressing the ceremony.

 Chief Minister Victor Banks gave a brief historical review of Anglec’s ownership structure since its incorporation in 1991 up to the present, with emphasis on the management of the GoA’s shares. He highlighted the successes resulting from revenue raised from the initial sale of 60 per cent of the GoA’s shares in September 2003, such as funding of the expansion of Clayton Lloyd International Airport which generated millions of dollars during Anguilla’s glory days.

  Likewise, revenue raised through the current sale will be used to energise the island’s depressed economic situation. The sale is intended to raise in excess of EC $20 million in revenue and will be used to cover Government debt obligations, thereby reducing burdensome tax measures on residents and businesses. Banks praised Anglec for its continued improved energy delivery to the private and commercial sectors of the island, to include its recent acquisition and use of solar energy.

  Remarks were also delivered by Minister Curtis Richardson, Anglec Chairman Gareth Hodge and BDO Senior Member Claudel Romney.

  Five lucky guests won 100 shares each at the end of the formal ceremony and all were invited to stay and enjoy a social hour of food, music, as well as seek additional information at the information booth.

Source: The Daily Herald