Nov 2006 Financial News

OCM date soon for trading - Barbados

Nov 20, 2006

ONE CARIBBEAN MEDIA Ltd. has fulfilled the promise it made to shareholders, last month, and gained approval for its shares to be traded on the Barbados Stock Exchange (BSE).

This comes just weeks after the media company opened itself to ownership to the Barbadian public by way of a share offering.

Over 800 Barbadians shelled out close to $11 million to buy more than half of the three million OCM shares that went on offer at $6.35 per share between September 25 and October 6.

According to a notice released by the BSE last Friday, a date will be announced shortly for the listing of the shares on the local stock exchange.

OCM is the product of the merger of the Nation Corporation and the Caribbean Communications Network (CCN) which took place at the beginning of this year.

The shares on the BSE are being cross-listed from the Trinidad and Tobago Stock Exchange, where OCM was first listed due to the fact that CCN's shares had previously been trading on that exchange.

In a statement to shareholders on the six months' performance ending June 30, 2006, OCM chairman Sir Fred Gollop said group profit attributable to shareholders was US$5.3 million.

This, he noted, represented a 103 per cent increase over the same period last year, which did not include the Nation Group.

Sales and other revenue of the OCM group also showed impressive growth, 113 per cent, totalling US$32 million.

Sir Fred attributed this to CCN's "outstanding performance" tied to its merger with the Nation Group. (CH)

The Nation News
http://www.nationnews.com/story/301668969640489.php
Sunday, November 19, 2006.