The Board approved the allotment and issue of 140.6 million ordinary shares of $1.00 each to First Life Insurance Co. in exchange for the transfer by First Life of all the shares in Pan Caribbean Merchant Bank Ltd. being 99.5 million ordinary shares of $1.00 each and 40 million preference shares of $1.00 each.
The Board did not approve the payment of dividends for the current financial year as the bank recorded a loss of $16 million for the previous financial year ended september 30, 2000.
The following persons resigned as Directors of the company effective as at the close of the Board meeting: Mrs. I.V. Polly Brown; Mr. Charles Johnston; Mr. Patrick Lynch and Mr. Geoffrey Messado.
The following persons were appointed to the Board of Directors effective after the Board meeting: Hon. Maurice W. Facey; Mr. Donovan Perkins; Mr. W. G. Bryan Ewen; Ms. Anya Schnoor.
