The management of the opposition-friendly Observer Media Group announced today that its controversial sale of shares in the company has been put on hold.
It did not give specific reasons for the decision but said in a notice that the Eastern Caribbean Securities Regulatory Commission identified “deficiencies with the offer and asked that it be put on hold until all requirements have been met.”
The suspension of the sale of 45 percent shares in The Daily Observer and Observer Radio came 24 hours after it was announced.
In an email to staff obtained by Antigua News Room, Chief Operating Officer Darren Derrick lamented the road block.
“Well, things are never as easy as you hope, no matter how well you plan.”
He said the regulators made contact with the company yesterday and was put in touch with Observer’s lawyers.
“A person who identified herself as Alousia Gail Faisal made contact late yesterday…an online search lists her as the CEO of the Eastern Caribbean Securities Regulatory Commission,” Derrick wrote.
The sale has been controversial with the family of the late founder Winston Derrick advising the public not to participate in it.
It has also been ridiculed by Prime Minister Gaston Browne is a series of posts on his Facebook page.
We asked the regulators for specific reasons why they stopped the sale of shares but they did not respond to our email at the time of publication.
Forty-five percent of the shareholding will be offered to the citizens of Antigua and Barbuda at USD $100 and the remainder will be gifted to the staff to be operated as a communal trust by the active employees (at any time) to have a say in the future of the companies.
The company has faced financial problems for years, accruing massive debts and having challenges to service its loans.
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Opposition-friendly?? or ANTI-ABLP?? OMG likes to tout itself as “the only independent media house” in A&B. I think they actually brainwashed themselves to the point where they actually believe that boojie. LOL!! Everyone knows based on their history, they are anti-ABLP and pro-Anything-Other-Than-ABLP. IF the shoe were on the other foot, this story would be on their frontpage and parlayed into salacious dram gossip and possible scandal.
After the ALP regime forced them to go to the Privy Council in order to get a license to operate, who could blame them? In fact, if I was the management, I would not push anything pro ALP or ABLP on my station. “Just Cut He Off!”
And who could blame them? It was an ALP administration that forced them to go to the privy council in order to get a license to operate. In fact, if I were the owners, I would reject anything that’s pro ALP/ABLP or whatever their name is. Yes, I’m petty like that: “Look, Just Cut He Off!”
Exactly. I don’t blame them, but they should not act like they are “INDEPENDENT” and not UPP-aligned. Dats arl me a say. This country does need Observer Media.
The World Is cycle. When ZDK was going through their battle with APUA it was front page news OMG did not think their time will come.
thank god for observer radio. …this country is run by a dictator. .more like Kim from Korea. ……how can you listen to news that say the king is in his kingdom every day same thing
You wouldda PISS & FART if you lib arnda wan dictator for real. Why don’t you move to South Korea??
Hey South Korea is a well run nation do not listen to the propaganda.
Hope them pay them bill and not get but off like how the UPP use to love to cut ZDK Radio light and they had to be taken to the courts
Hey South Korea is a well run nation do not listen to the propaganda.
“A person who identified herself as Alousia Gail Faisal made contact late yesterday…an online search lists her as the CEO of the Eastern Caribbean Securities Regulatory Commission,” Derrick wrote.
Why do they make it sound as if the person who contacted them was beneath them or was not legit. The tone of that paragraph is offensive.
1. What they are actually asking for is the public to bail them out.
2. If this business was highly profitable, there would be no thought about giving poor people any chance to share/invest.
I don’t wish for them to go under, they have family and children who deserve good like everyone else and any real democracy needs a good opposition.
Tighten your belts and figure it out.
How did DARREN DERRICK allow OMG to reach to such a state?? Poor Winston must be rolling over in his grave. After all he’s been through to to even get OMG started, his own flesh andblood is responsible for the DEMISE of his brainchild? Sad, Sad, Sad I tell ya.
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