Bank of The Bahamas (BOB) has announced the launch of a $40,000,000 rights offering to its existing common shareholders, which opens Monday 29 August 2016 and closes 5 September, 2016.

Shareholders of record date 31st July 2016 will have the opportunity to increase their shares in BOB. For every 1.44 (one point four four) shares held at the Record Date, they will have the right to purchase one additional share at the attractive price of $2.70 per share.

Dr. Richard Demeritte, Chairman of Bank of The Bahamas , spoke to the purpose and value of the new offering.

“Bank of The Bahamas is first and foremost a Bahamian Bank, owned by Bahamians. The Bank’s 4000 shareholders, who range across the economic spectrum, have been well-rewarded for investing in BOB. Since its initial public offering in 1994, investors have been paid about $50 million in dividends, which is a more than respectable rate of return. Given the support of this history, those adding to their holdings in the Bank can do so with confidence,” Dr. Demeritte said.

“It is important to note that BOB is aggressively pursuing two main avenues in going forward. We are assuring Bahamians of the solidity of the Bank’s capitalization and continuing to strengthen our services to Bahamians across the archipelago.” Dr. Demeritte added.

The Bank has appointed Leno Corporate Services Limited to manage the offering. Sean K. Longley, Leno’s President & Chief Executive Officer, expressed pleasure at the appointment. “Our investment team is very pleased that Bank of The Bahamas has entrusted a share offering of this magnitude to Leno’s management. It is very much in keeping with our mission as a Bahamian-owned and operated financial services company. LENO Corporate Services was formed in 2010 to assist Bahamians to gain knowledge of the opportunities offered by the financial markets and to accumulate and grow their wealth for all of their financial goals. We view the Bank of The Bahamas Rights Offering as very much in keeping with this mission. As we always say ‘Bahamians Need This.’ ‘Bahamians Deserve This.’ ‘We Can Do This.’”

Mr. Longley added “In our six years of existence we have proven our abilities and integrity with a satisfied client base who can attest to this. We fully intend to increase public confidence by applying the same successful strategies to the BOB offering,” Mr Longley said.

Mr Longley advises that the Prospectus and the Subscription Forms may be obtained on the Bank of The Bahamas website www.bankbahamas.com and at www.lenocorporate.com.

Bank of The Bahamas is a fully Bahamian-owned and operated entity, born out of the Bahamas Government’s acquisition, in September 1994, of a Canadian bank, domiciled in this country. The Government eventually sold 20 percent of its Shareholding or 2,000,000 Shares to the Bahamian public. In October 1995 the Government offered a further 3,000,000 Shares of the Bank to the Bahamian public. Both times, the offerings were welcomed by the Bahamian public and subscribed well over the expected target.