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bywarren #349215 08/25/09 09:54 AM
Joined: Feb 2007
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Originally Posted by bywarren
I would be one of the last to defend BTL. But, keep in mind when we complain about the cost, 24.5% of that is a tax paid to GOB. Choosing between an Aschroft run company and GOB run company does not leave for a good choice.


I'm in complete agreement and would have rather seen the GOB induce true competition to force BTL into good practices.

However, on the plus side, this does not look like it will be a GOB run company. They say they are selling 51% to belizean citizens and 49% to anyone that wants to buy it with some limit to no one person owning more than x% (I think 25%).

While I don't support the government forcing taking over a private business, I'm happy that they are at least going to be placing it right back into the private sector.

I'm working on the wife now to let me get some of that BTL ownership goodness.

deadserious #349225 08/25/09 10:35 AM
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This sounds to me like GOB runing the company.

"At that time the new, Government-appointed Board of Directors will assume operational control over Telemedia, and the re-Belizeanization of the company will be complete."

bywarren #349233 08/25/09 10:50 AM
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Originally Posted by bywarren
This sounds to me like GOB runing the company.

"At that time the new, Government-appointed Board of Directors will assume operational control over Telemedia, and the re-Belizeanization of the company will be complete."


From reading the Barrow's statement, that is a temporary measure until stock can be sold off, 51% guaranteed to Belizean Citizens with protections for maximum allowed ownership interest. And the current non-ashcroft owners (5% IIRC) remain.

Once the stock is sold off, the new owners of the company would be permitted to oust the government appointees from the board.

Like I said, not ideal, but better than a permanently or long-term government run BTL.

Last edited by deadserious; 08/25/09 10:53 AM.
deadserious #349236 08/25/09 10:59 AM
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Originally Posted by deadserious
From reading the Barrow's statement, that is a temporary measure


Here's what I'm reading:

Originally Posted by Barrow
The new Articles will essentially be the Articles of the successful BTL that was launched in 1988. In other words, the safeguards to protect Belizean shareholders will be re-established, including protection of the special share and the limitation on the amount of single ownership. As well, and perhaps most importantly, the articles will guarantee that dividends will be paid to shareholders at the rate of 40% of the yearly profits.


And Barrow further stated on Chanel 7 News:

Originally Posted by Barrow
"There will be a prospectus done after the new Board of Directors takes over and the new articles of association have been adopted, shares will be valued and offered for sale to the public. That offer will not be limited to Belizeans. We are determined however and the new Articles of Association that will be adopted will in fact oblige this, that ultimately Belizeans must maintain at least a 51% ownership of the company that's being taken over."


and then he was challenged:

Originally Posted by Barrow
Originally Posted by Jules Vasquez

'Sir is that realistic to say you cannot step into the same river twice, you can't step into the investment climate that prevailed in 1988, 21 years later and expect that strategic investors will not want to be the majority shareholders. That means unrealistic.'


"Well that's your opinion and I suppose the events will prove whether you are right or wrong but certainly as of now that is the clear intention of the government and that is what the Articles of Association will in fact prescribe."

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