Nov 2006 Financial News

OCM shares public today (Barbados)

Nov 23, 2006

ONE CARIBBEAN MEDIA (OCM), parent of the Nation Corporation, will become Barbados's first publicly listed media company today.

From 9 a.m., close to 68 million OCM shares will become available for public buying and selling when the Barbados Stock Exchange (BSE) starts its trading day.

While the listing price has not been revealed, indications are that it will mirror the OCM price on the Trinidad and Tobago Stock Exchange, which stood at TT$19.46 (BDS$6.10) at the close of trading yesterday.

This follows on from the recent move by the company to first widen its ownership through a public offering between September 25 and October 6, which saw more than 800 Barbadians (over 200 of those Nation Corporation staff) purchase around 1.74 million OCM shares at $6.35 each. This raised just under $11 million for the company.

OCM is the product of the January 1, 2006, merger of the Nation and the Caribbean Communications Network Ltd. (CCN) group. The two entities have been associated with each other since 1974, and had been represented on each other's boards of directors for much of that period, with each company owning 20 per cent of the other at the time of the merger.

The regional media conglomerate owns the leading newspapers in Barbados and Trinidad and Tobago (NATION and EXPRESS), the top TV stations in Trinidad and Tobago and Grenada (TV 6 and GBN), and the leading radio stations in Barbados and Grenada (Starcom Network and GBN Radio).


Source:
The Nation Newspaper (Barbados)
Thursday 23 rd November, 2006

http://www.nationnews.com/story/319443147373680.php