The Tribune

EDITOR, The Tribune.

WE may recall about a month or two back an article published in The Tribune where it was stated that “FOCOL was pregnant with opportunities”. At that time the company’s Chairman mentioned they were doing a rights offering for existing shareholders. At the time there was no reason given as to what the money would be used for. I’m not sure if this was disclosed or not. I heard that it was to provide funding for a project to provide some power generation for BPL. If that is correct, this is a big joke. At the last AGM, last year, FOCOL told shareholders they were already providing or were beginning to provide power to

BPL. So, it is strange to ask for funds for something you already started or about to start. So, it is quite odd.

Also, in that same article there was a statement made that a subscriber to the right offering would get in at $5.00 and would likely at the time of subscribing be getting shares that were already at $5.50, suggesting a 10% premium. As of this writing today (April 12th), FOCOL closed at $4.80 which would be an unrealized loss on the $5.00 per share on any shares purchased in the rights offering. Of course, the stock can go up in value and probably will. The point is, there’s too much fast talking and smoke and mirrors here. The whole ask for the funding was nonsense.

FOCOL had more than what they needed in earnings to proceed without having to come to shareholders. They stated how they had a really great year last year, profit wise. Then shortly after their hands are out asking shareholders for money. Where does the greed and manipulation end?

It would be really helpful if journalists would ask questions. There were tons of questions that should have been asked that were not asked. The journalist seemed to be less a journalist and more of a secretary taking dictation. We need better, people.

ANNOYED CITIZEN

Nassau,

April 12 2024.