First Caribbean International Bank (Bahamas) faced protests from minority shareholdersangered by the substantial loss their investments had suffered as a result of the bank’s rights offering, but directors again refused to explain how the $6.10 issue price was calculated during a heated annual general meeting.
The meeting became heated when Julian Brown, president of Benchmark Bahamas questionedthe bank’s chairman Michael Monsoor and the auditors, PricewaterhouseCoopers about the rights offering valuation and subsequent decline in share prices following the merger.
Mr. Monsoor said he was not prepared to answer any questions about the specifics behind the valuation of the rights offering price.
Source: The Tribune
