The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas Union of Teachers (BUT) is gearing up to launch an “historic” share offering that aims to raise $6 million for financing a “state of the art”, 18,000 square foot headquarters on Bethel Avenue.

“This is is the first time in the history of the union that this will be done,” said its president, Belinda Wilson, in a brief interview with Tribune Business.

The union is set to hold a general meeting this afternoon, at which time the prospectus for the BUT members-only share offering will be made available. Commonwealth Bank and Leno Corporate Services, which is acting as financial adviser and placement agent, will be in attendances.

The BUT, according to Mrs Wilson, has roughly 4,000 members. While offering few details ahead of the share offering announcement, Mrs Wilson told this newspaper: “We’re hoping to raise $6 million for our new Walker’s Hall headquarters on Bethel Avenue.

“We are looking to raise that from our members. This is is the first time in the history of the union that this will be done.”

Mrs Wilson said she was confident the offering would be fully subscribed. “I’m confident that it will be taken up,” she added, revealing that the shares were valued at $1 each.

Last November, the BUT officially opened its Teachers Mart as a means to offer school supplies and material at competitive prices. A $2.5 million multi-purpose BUT complex is also said to be under construction in Freeport.