Friars Hill RoadAntigua and Barbuda, WI - 00000

Category: Investment

5 posts

Dear WIOC Shareholders,
We at the West Indies Oil Company (WIOC) extend our absolute best wishes to you and your families. May 21st, 2022, is the one-year anniversary of the close of the WIOC Initial Purchase Offer (IPO). We are grateful to Antiguans and Barbudans at home and in the diaspora and regional investors for your enthusiastic participation in the IPO which resulted in 1,071 new shareholders being added to WIOC’s share register. Please note the following FAQs provide guidance with respect to shareholder registry administration and upcoming dividend payments.

SHARE REGISTRY
Who is responsible for maintenance of the WIOC share register?
The Eastern Caribbean Central Securities Deposit (ECCSD), a subsidiary of the Eastern Caribbean Securities Exchange, is responsible for maintaining the register of shareholders, including facilitating the transfer of shares and the distribution of dividends to shareholders. The ECCSD should be contacted directly for these matters at the following email addresses and phone numbers:
Email:


Can I purchase additional shares?
Yes. You may register your interest in and purchase additional shares by contacting the WIOC broker, Bank of St. Lucia (BOSL) at the following email addresses and phone numbers:
Email: lawrence.jean@bankofsaintlucia.com or deesha.lewis@bankofsaintlucia.com
Phone: 1 (758) 724-6898 or 1 (758) 712-8912
BOSL will facilitate the administrative process to execute the share sale in coordination with the ECCSD.
For the detailed transfer process, applicable fees and taxes see the WIOC investor relations page at:
https://www.westindiesoil.com/investor-relations/

DIVIDEND PAYMENT AND ADMINISTRATION
When will dividends be paid?
WIOC intends to pay dividends in late June 2022 in one installment. Late June to early July is the normal dividend payment cycle of the Company for which there are no planned revisions.


How will I receive my dividends?
Your dividends will be paid via direct funds transfer to your bank account provided to the brokers when you purchased your shares. This bank information is part of the shareholder records maintained by the ECCSD.


How will I know when, and the amount of dividend paid to my account?
The ECCSD will provide notification via email or by post when your dividend payment has been sent to your bank for credit to your account. In addition, WIOC will post updates about dividend payments on the Investor Relations/Shareholder Updates page of its website.

How much dividend will be paid?
This year’s dividend pay-out ratio is 67% of net income after tax. For an estimate of your dividend payment, simply divide the forecast net income after tax for 2022 included in the IPO prospectus by 5,920,000 shares outstanding. This dividend rate per share is then multiplied by the number of shares you hold to determine your estimated dividend due.

Thank you for investing in WIOC. We look forward to many years of growth and return on your investment.

St. John’s, Antigua and Barbuda – April 28, 2021

The West Indies Oil Company Limited, (WIOC) – continues its divestment of ten percent (10%) shares owned by the Government of Antigua & Barbuda (GOAB). A new closing date of May 21, 2021 has been set and will allow for further investor engagement with the public. Additionally, an amendment to the prospectus allows for the maximum share per applicant to increase from 15,096 shares to 50,000 shares. 

The decision to divest shares is a result of the GOAB making good on its commitment of creating an opportunity for Antiguans & Barbudans to become shareholders of WIOC; the first private Antiguan & Barbudan non-financial institution to go public.

WIOC has experienced consistent growth across its business throughout the years with the pre-COVID period in the financial year 2019, recorded profits amassing over $26 million dollars. In 2020, despite the negative impact of reduced traffic at the VC Bird International Airport and limited business with key customers in the hotel and restaurant sector, WIOC generated net income of $14.5 million dollars. CEO Mr. Gregory Georges considers the 2020 performance commendable and a reflection of the Company’s resilience and diversity.

Mr. Georges commented that “although 2020 saw a decline due to the ongoing COVID-19 pandemic, his expectation is that the company will return to pre COVID-19 levels of revenue and earnings after 2022”. He commented further that he is confident in the Company’s strategic thrust which includes the following projects and initiatives:

  1. Investment in renewable energy
  2. Rebranding and upgrading of service stations 
  3. New partnership in fuel supply at the VC Bird International Airport

The CEO gave special mention to a Business Park project on Friars Hill Road, adding that the groundbreaking is planned for later this year. “With a healthy portfolio of innovative projects combined with a committed and talented team of employees, the future of WIOC looks bright” ended Georges.

Additional information and Prospectus can be found at www.westindiesoil.com/invest 

The Offer is subject to the laws of Antigua and Barbuda, specifically the Securities Act 2001 and the Companies Act 1995.

Lead Arranger:
FirstCaribbean International Bank (Barbados) Limited – Barbados
Michael Mansoor Building, Warrens, St. Michael | Barbados BB 22126
www.cibcfcib.com
 
Co – Arranger and Principal Broker:
Bank of Saint Lucia Limited.
#1 Bridge Street, P O Box 1860, Castries LC04 101 | Saint Lucia
www.bankofsaintlucia.com

The Broker Dealer:
Bank of Saint Lucia Limited.
Mr. Lawrence Jean
Tel: 1 (268) 736-2137 or 1 (758) 724-6898
E: Lawrence.Jean@bankofsaintlucia.com

Ms. Deesha Lewis
Tel: 1 (758) 456-6684 or 1 (758) 712-8912
E: Deesha.Lewis@bankofsaintlucia.com

This advertisement does not constitute a recommendation by the Joint Lead Arrangers, the Offeror or WIOC to any recipient of this material in relation to this Offer. Each person should consult with a financial advisor licensed to provide financial advice by the Eastern Caribbean Securities Regulatory Commission before making any investment decision. Prospective investors understand that there are risks involved in acquiring or holding the securities being advertised. Securities- may fluctuate in value in money terms and the investor may not get back the amount invested. Income (dividends) from the securities may fluctuate in value in money terms. The securities are not traded on the Eastern Caribbean Securities Exchange so it may be difficult for investors to sell the security or to obtain reliable information on its value or the risks to which it is exposed. Prospective investors understand that any forward-looking statements made do not constitute guarantees of future performance and involve assumptions, uncertainties, risks and various factors that are difficult to predict and may cause forecasts to materially differ from reality.

THE GOVERNMENT OF ANTIGUA & BARBUDA ANNOUNCES THE DIVESTMENT OF
TEN PERCENT (10%) OF ITS SHAREHOLDING IN THE WEST INDIES OIL COMPANY LIMITED

ST. JOHN’S, Antigua and Barbuda –  March 24, 2021.  The Government of Antigua and Barbuda (“GOAB” or the “ Offeror”) announces that it will divest ten percent (10%) of its holdings in the West Indies Oil Company Limited (“WIOC”) commencing 24 March, 2021. This amounts to 301,920 ordinary shares. Fifty percent (50%) of the offer is reserved for public servants and the remainder for other citizens and institutions of Antigua and Barbuda, OECS and CARICOM in that order of priority. Where the offer is not fully subscribed according to the outlined preferential tiered order, the Offeror reserves the right to transfer the shares on a first come, first serve basis.

WIOC is an Antiguan company with a regional presence in the energy sector. Its principal activity of business is the sourcing, marketing, distribution and storage of petroleum products. WIOC was established in 1965 by Natomas and Amoco International Oil. The GOAB, a minority shareholder in WIOC since 1980, gained controlling interest in the Company in 2015, and currently owns fifty-one percent (51%) of the shares.

The share offer (the “Offer”) price is fixed at XCD60.00 per share with a minimum allocation of fifty (50) shares per applicant and maximum allocation of fifteen thousand, and ninety six (15,096) shares per applicant.  The Offer opens on 24 March, 2021 and runs until 21 April, 2021. In the event that the shares are oversubscribed, one hundred, forty-two thousand and eighty (142,080) additional shares will be made available. 

The Government of Antigua and Barbuda is expected to raise approximately EC$18 million to be utilized to fund a number of its critical capital projects. 

The Prime Minister of Antigua and Barbuda, the Honourable Gaston Browne, believes that this is a prime opportunity for citizens of Antigua and Barbuda. 

“For over 50 years, the West Indies Oil Company Limited has continued to grow, generating profits of over $26 million dollars in 2019. By going public and offering shares in WIOC, our government is providing the opportunity for Antiguans and Barbudans to build wealth, secure retirement, diversify investment portfolios and build a secure financial future for your children.  The management and staff of WIOC have demonstrated their capacity via the profitability and sustainable growth of the company.  With the future of WIOC looking very bright we invite citizens of Antigua and Barbuda to seize the opportunity to become a part of the ownership of WIOC. My Government believes that an investment in WIOC will be an investment in your family’s future and the development of our nation’s economy.”  said Prime Minister Gaston Browne. 

Gregory Georges, Chief Executive Officer of WIOC commented that the Board of Directors, Management and Staff are committed to successfully guiding WIOC’s strategy with the goal of creating value for their shareholders and all stakeholders, in particular, its customers and employees in the communities in which it operates.  

“Over the past 50 years, WIOC has emerged as a strong and stable company, playing an integral role in the lives of the people of Antigua and Barbuda. The dedication, professionalism and experience of our management team and employees, their commitment to the core values, mission and vision of the company, are evidence of our continued growth and expansion.”

The Offer is subject to the laws of Antigua and Barbuda, specifically the Securities Act 2001 and the Companies Act 1995.

 Lead Arranger:
FirstCaribbean International Bank (Barbados) Limited – Barbados
Michael Mansoor Building, Warrens, St. Michael | Barbados BB 22126
www.cibcfcib.com
 
Co – Arranger and Principal Broker:
Bank of Saint Lucia Limited.
#1 Bridge Street, P O Box 1860, Castries LC04 101 | Saint Lucia
www.bankofsaintlucia.com

The Broker Dealer:
Bank of Saint Lucia Limited.
Mr. Lawrence Jean
Tel: 1 (268) 736-2137 or 1 (758) 724-6898
E: Lawrence.Jean@bankofsaintlucia.com

Ms. Deesha Lewis
Tel: 1 (758) 456-6684 or 1 (758) 712-8912
E: Deesha.Lewis@bankofsaintlucia.com

This advertisement does not constitute a recommendation by the Joint Lead Arrangers, the Offeror or WIOC to any recipient of this material in relation to this Offer. Each person should consult with a financial advisor licensed to provide financial advice by the Eastern Caribbean Securities Regulatory Commission before making any investment decision. Prospective investors understand that there are risks involved in acquiring or holding the securities being advertised. Securities may fluctuate in value in money terms and the investor may not get back the amount invested. Income (dividends) from the securities may fluctuate in value in money terms. The securities are not traded on the Eastern Caribbean Securities Exchange so it may be difficult for investors to sell the security or to obtain reliable information on its value or the risks to which it is exposed. Prospective investors understand that any forward looking statements made do not constitute guarantees of future performance and involve assumptions, uncertainties, risks and various factors that are difficult to predict and may cause forecasts to materially differ from reality.

Visit our website at www.westindiesoil.com/invest to access application forms and to download a copy of the Prospectus.

In keeping with its commitment to divest a portion of its shares in The West Indies Oil Company Limited to the citizens of Antigua and Barbuda, The GOVERNMENT OF ANTIGUA AND BARBUDA has taken the decision to divest the first tranche of shares through the issuance of a share offering to the public, before the end of 2020.

THE WEST INDIES OIL COMPANY LIMITED is currently in the process of finalizing the prospectus to ensure compliance with all legal, regulatory and other requirements.

Further details will be provided to the public upon final approval by the ECSRC and the Registrar of Companies.