And in more BTL news, government today announced that you can buy BTL shares with U.S. and Belize dollars in cash, but only in limited quantities.
As we have reported, 5% of BTL's share capital is being offered to Belizeans, but the shares must be purchased in U.S. dollars at a price of US$2.71 per share, with a minimum subscription of 100 shares. But earlier this week, it came to light that the Central Bank was not processing share purchase applications made in U.S. dollars, and was only accepting U.S. checks.
Well, after heavy criticism that it was making the share acquisition process purposefully discriminating against small Belizean investors, today government announced that it has instructed the Central Bank to loosen up its regulations. As of tomorrow, you can buy a maximum of 500 shares in either U.S. or Belizean dollars. That's US$1,355 or BZ$2,710. If you want to buy more than that, you'll have to use a U.S. bankers check.
It's an encouraging development but a late one as the share offering only has about 7 working days left. Of course, those shares in this 5% block that are not bought will presumably return to the control of the underwriter of this entire purchase, Lord Ashcroft and his subsidiaries. At the recent annual general meeting, Ashcroft's companies voted this 5% block of shares as their own.
