The following was written by Donovan H. Perkins, President & CEO of Pan Caribbean Financial Services Limited:
I write in relation to an Article published as a Special Report on page 20 of a local business magazine – Investor’s Choice VOL VII, Issue 2, 2011.
Here are the facts:
Fact 1 – There is no agreement between Pan Caribbean Financial Services Limited (PCFS) and Capital & Credit Financial Group Limited (CCFG) for PCFS to acquire or merge with CCFG.
Fact 2 – A structured offer was proposed to certain CCFG shareholders, subject to certain conditions, and that offer has now expired.
We are concerned that the article in general and in particular – the section reading…”a value of $4.50 has been placed on the CCFG shares in the acquisition” and further suggests that “earnings per share (of PCFS) would probably rise to near $5 per stock by the end of 2012…” could affect both listed companies.
It is our general policy not to comment on articles of this nature, for obvious reasons. However, we believe that a response is warranted as speculation prompted by the article could likely impact the price of both PCFS and CCFG shares, and create a false market in these listed shares.
Pan Caribbean has executed several transactions over the last decade and has always timely disclosed details when there is an element of certainty, mindful of the interests of all stakeholders involved.
Accordingly, we feel it is important to advise the JSE and the public in relation to the contents of the article and to confirm that PCFS was never consulted about the Investor Choice Article and had nothing to do with its publication.
