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CABINET NOTES- The Antigua Barbuda Cabinet was briefed on what it unequivocally described as bureaucratic tactics being employed by shareholders of the Eastern Caribbean Amalgamated Bank (ECAB) to block the conversion of the government’s 25% preference shares into ordinary equity shares.
Cabinet strongly condemned these actions as intentional and obstructive, asserting that the bank’s shareholders are actively undermining the government’s rightful equity position.
This calculated resistance is viewed as a profit-hoarding maneuver designed to erode and dilute the government’s ownership stake over time.
The Cabinet issued a direct call to ECAB shareholders to cease this obstruction immediately and to facilitate the rightful conversion without further delay. It made clear that continued resistance will not be tolerated.
Once the conversion is executed, the government intends to divest a portion of its ordinary shares to the public, in line with its commitment to domestic economic empowerment and broader citizen ownership of national assets.
In conclusion, Cabinet underscored that it will pursue all available political and legal avenues—without hesitation—to secure and protect the interests of the people of Antigua and Barbuda.
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If it is your right why not make a court of law so determine?
I am a shareholder in WIOC and only receive $200 ans little bit yearly and it did not even show up on my statement last year so I’m not even sure I got it, if this ECAB thing is going to be the same it’s a waste of time. That little bit of money yearly is a joke
Because you could not get the hundred million dollars loan from the bank, you’re claiming that the bank is blocking you from conversion of the government’s 25% preference shares into ordinary equity shares. The greediness of you seeing the bank liquidity, you’re coming up with excuses that you and your cronies want to buy some of the government 25% shares . Your lies and bullying tactic you’re around with not going to work. You think anyone is afraid of you. You met your match with ECAB brilliant staff and management. They’re there to protect the financial assets of the people, including the government shares. ECAB is not Swiss American Bank.
Banks like ECAB are in the business of protecting money for their customers in the long-term, and their shareholders have the right to vote to ACCEPT or NOT government financial interference.
Remember, politicians normally have a 4 year short-term shelf life, and when they are no longer governing, institutions like the banks are left with their financial mess.
ECABs shareholders are absolutely correct to be concerned about ABLP trying to persuade them to get involved in a very risky Equity Conversion.
The government can pursue as much legal avenues as they like, but I can assure you that there are many cabinet members who currently own a plethora of stocks and shares, and as stakeholders they have voted at some point AGAINST actions that could dilute their dividends and passive incomes.
ABLP can fool the ignorant, but those who have accumulated their hard earned wealth are a different set of people, and aren’t the “LOW HANGING FRUIT” this government normally go after.
I’m intrigued about how this is going to pan out 🤔
Hog wash your lying to the Nation again. 💯🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
YOUAND THE REST OF THE CABINET PIRATES NEED TO STEP DOWN. #NO CONFIDENCE.
Remember these people master the art of CREATIVE ENRICHMENT. Let us see where this goes from here. I wonder if there are certain people already lined up for these shares
Stop flexing off your narcissistic mentality writing and blogging to yourself Gaston, you messed up the banks in the beginning, and now a monopoly few banks is been threatened by you to get closer control, and none of it benefits the local Antiguan and Barbudans, WIOC for example monopolize the market and dictate high price product to the market as in oil etc at the gas stations, exorbitant prices on these products with variety, the diesel here is nothing like when you buy abroad, sometimes you ship in an equipment the diesel in it is a complete different color and quality, and the gas abroad you can choose according to your engine, it’s one product WIOC selling and high prices. Let the banks function independent and safe guard our customers rights and that’s it, stop looking about the elites.
Preference Shares vs. Ordinary Shares
Definition:
Preference Shares are a financial instrument used by companies to raise capital that comes with the dividend option for shareholders.
Rate of Dividend:
The rate of dividend is fixed for preference shares.
There is no fixed rate of dividend for ordinary shares.
Voting Rights:
Ordinary Shares are also a financial instrument used by companies to raise capital that comes with voting rights for the shareholders.
Preference shareholders do not have any voting rights for taking crucial decisions related to the company.
Ordinary shareholders have voting rights for taking crucial decisions related to the company.
Bonus Shares:
Preference shareholders are not eligible for getting any bonus shares from the company.
Ordinary shareholders are eligible for getting bonus shares from the company
Role in Management:
Preference shareholders do not have a role in the management of the organisation.
Ordinary shareholders have a role in the management of the organisation.
Arrears:
Preference shareholders have a claim over the arrears of their dividends.
Ordinary shareholders do not have a claim over the arrears over their dividends.
Types of Shares:
The different types of preference shares are mentioned below:
Cumulative preference share
Participating preference share
Redeemable preference share
Convertible preference share
Non-Cumulative preference share
Non-Participating preference share
Non-Redeemable preference share
Non-Convertible preference share
The different types of ordinary shares are mentioned below:
Authorised share capital
Issued share capital
Subscribed share capital
Paid-up share capital
Right share
Bonus share
Sweat equity share
With the above summary which investment would someone that is a bit investment savvy use to invest in ECAB formally Bank of Antigua.
People should remember that Bank of Antigua was a well Capitalize bank, but it was the arrest of its sole shareholder that cause a run on the bank. The then minister of Finance Dr. Errol Cort tried to calm down the customers but to no avail. The Central Bank had to put in the required liquidity and needed to be repaid. However the UPP government did not have the money to repay the Central Bank. At the same time the ABI Bank was also in trouble and needed daily cash injection from the Central Bank. Dwight Veneer then came up with the strategy to form a new bank with Antigua Commercial Bank, Eastern Caribbean Financial Holding Company Limited, National Bank of Dominica, St. Kitts Nevis Anguilla National Bank, Bank of St. Vincent and the Grenadines, and the Government of Antigua and Barbuda. Bank of St. Lucia became the largest shareholder of the bank. However Antigua and Barbuda Government has put in the largest amount, because some smart Finance Minister thought it was better to put in your monies as preferential shares rather than ordinary shares. Therefore, our ECAB is not run by Antigua and Barbuda, but by St. Lucia. And it seems that the Gaston Browne haters rather have it that way. Because they hate him so much that they will sell their country to whoever. Just like when Gaston prevented Scotia Bank from selling to Republic Bank. He said Antiguan Bank should have first preference. And so, they did. And now ECAB and ACB have benefited from that decision. And now you have a Gaston hater that is the Chairman of the bank refusing to bring a vote to the board to have Antigua and Barbuda convert their preferential shares into ordinary shares. That will give our government more say in how the bank is run but also will give us more dividends. Dividend that is now paid to St. Lucia and others and is not staying here in Antigua. Young Destroyer made a new song this year, Enemy of the State. I really believe he hits the nail on the head when it comes to this Chairman and others in the UPP that rather see their country go to hell in handbasket under this Gaston Browne government then to work and see us prosper. Hell NO! That should not be. And they claim to love this country. Just listen to Onion when he sang; Stand Up for Antigua.
https://www.youtube.com/watch?v=EtkqTEEzEB8&list=RDEtkqTEEzEB8&start_radio=1
Hatred is like cancer. It will eat them up and kill them in the end.
@Brixtonian July 24, 2025 At 9:06 am
aren’t you tired to spew stupidity. people by now will call you Dum Dum. Like one of our famous comedian’s character. Just learn from me. I research and write to educate you. That is if you want to be educated. But it is on the net if you google it. You will learn the difference between preference shares and ordenary shares. And why it was very stupid for the then government lead by Harold(Can’t Count) Lovell Finance Minister to have chosen to put our money in ECAB in as Preference Share and not as Ordinary Shares. And now St, Lucia is in charge of our Bank. And he Lovell has no regrets today for all these blunders he made? We should run him out the country.
@Brixtonian July 24, 2025 At 9:06 am
And his stupid friend Christian wanted to give Scotia to Republic Bank after CLICO already took $300million from our people’s monies. You guys are gracy stupid. Antigua people should bang all you when we see you on the street.
@ Less We Forget, I knew you were IRRELIGIOUS.
The fact that people have a differing viewpoint than your own, when you are saying “Antigua people should bang all you when we see you on the street”.
The worst kind of Christian are those who say they are, but their actions and behaviour are the total opposite – you nasty!!!
YOU’RE IN DIRE NEED OF HELP …
@Brixtonian July 25, 2025 At 3:06 pm
“The worst kind of Christian are those who say they are, but their actions and behaviour are the total opposite – you nasty!!!”
Another one of your stupid remarks. Did I ever profess to you that I’m a Christian? And even if I were one what is wrong for saying person like Lovel and Christian should be bang for the stupidity they did in office and still are promoting.
Yes People may have difference of opinion, but when your opinion is proven to be so wrong. It begs to wonder if you really are entitle to any opinion. When will they say that they are sorry. You see I have done what any logical thinking Finance professional would do. Make a comparative analysis and see what is best. Simple. You need not to be the wisest. He chose preferencial shares, I wish he would come and explain what that decision was based on. Did he knew then that “preference share holders have no voting rights. Did he also knew then that preference share holders get a fixed dividend and no bonus. So no matter what the profit is in that year he gets one fixed amount. And did he know that he put in more money than any other shareholder but yet we are worst off. And the fact that our Prime Minister is fighting for us the country to make this thing right. And you are against the Prime Minister fighting on our behalf. And why Brix? Just because you hate the man. Isn’t government continuous. If God forbid the UPP wins the next election, won’t they now run the affairs of the country. Which would include our shares in ECAB. Our shares in WIOC. Which by the way if the UPP was in office would have been bought for US$82millions. But thanks to Gaston Browne the negotiator it was bid down to US$30millions. Quite a difference isn’t it. And you know what, the UPP was willing to give Venezuela the majority share. With the present US sanctions on Venezuela had that come to past our ass would be grass by now. Thank God for his intervention. He saw this coming.
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