James Graham, Sr. Vice President at Fidelity, Abaco Marketsﾴ agent told The Bahama Journal on Monday.
Ms. Davis-Baptista, the companyﾴs Communications manager confirmed that the company had in fact raised $1.2 million more than the $4.3 million target. The funds, $3 million of which was guaranteed by the board of directors are above the minimum $1 million that president David Thurlow had said needed to be raised to make the exercise worthwhile.
Ms. Baptista said they were ﾓvery pleased with the results.ﾔ She said that the funds provided the company with ﾓgreater flexibility in doing those things that we wanted to do like paying down debt and providing operating capital.ﾔ
The heavily indebted company, which spent $50 million in acquisitions, owes its banker, the Royal Bank of Canada $26 million and its preference shareholders another $7.9 million.
David Thurlow, who was appointed last June said at the time of the rights issues launch that the response to the rights issue would in effect be a vote on his turnaround plan to put the company back on its feet.
Since taking over, Mr. Thurlow has slashed non-core assets, placed experienced retail sales personnel on his management team and brought in outside independent board members.
The company still has a way to go yet. Competition in its core businesses, retail food and fast food, is heating up. Papa Johns has recently joined the fast food market with its pizzas providing strong competition to Dominos, which is owned by Abaco Markets.
The major supermarkets continue hold their share of the market with very little room for maneuvering.
Abaco Markets Fast Facts
Name: Abaco Markets Limited
Business: Food, General Merchandise, Fast Food Franchises
Chairman: Craig Symonette
President: David Thurlow
Management:
Phil Allen (purchasing); Mark Ricks (operations); Shervin Stuart (franchise division); Gavin Watchorn (cfo); Bruce Patterson (Turks & Caicos); Lesley Davies-Baptista (marketing); Claudia Rolle (HR)
Auditors: PricewaterhouseCoopers
Shareholders: 1,400
Employees: 1,042
Fiscal year ends: February 1
Sales: B$116,659,000 (ﾴ03 fiscal year)
Stores: Solomonﾴs Super Center (Nassau, Freeport & Abaco); Cost Rite Club (Nassau); TC Trading (Providenciales, Turks & Caicos)
Franchises: Dunkin Donuts; Dominoes; Dairy Queen.
Subsidiaries: Solomonﾴs Club (Nassau) Limited; Solomonﾴs Club (Freeport) Limited; Cost Rite; Thompson Wholesale Limited; Caribbean Franchise Holdings Limited; TC Trading Company Limited.
The Bahama Journal
