Public notice from Securities and Exchange Commission
SECURITIES AND EXCHANGE COMMISSION NOTICE TO THE PUBLIC
RE: GOLDEN DEVELOPMENT HOLDING CO. LTD. PUBLIC SHARE OFFER
The Securities and Exchange Commission (SEC), the body legally responsible for the approval and examination of invitations to the public has decided to issue the following notice to the public.
A public share offer made by Golden Development Holding Company Limited, which opened on 9th August 2002 was originally scheduled to close on 10th January 2003. Following written applications with justification made to the Commission by the company, the offer period was extended twice and finally closed on January 10, 2004.
In order that an invitation to the public can be deemed to have been successful, the minimum subscription must be raised as provided under the Companies Code, Act 179. The stipulated minimum subscription of ¢10 billion, was NOT raised as at the close of the offer on January 10, 2004 and therefore, the offer failed in terms of section 284 (2) of the Companies Code.
Where such an offer has failed, Section 284 (3) requires that all monies received from subscribers are to be refunded. Section 284 (4) further provides that refund should be made within eight (8) days of the closure of the offer period and interest will accrue after such a date. The directors of the company shall be jointly and severally liable to repay the money with interest at the rate of 5 % per annum.
The SEC has drawn the attention of the company to the above provisions of the Code and has directed that the company refund monies paid by all subscribers in accordance with the Law.
The SEC has also drawn the attention of the individual members of the Board of Directors of Golden Development Holding Company Limited to their responsibilities pursuant to the above cited sections of the Companies Code. It has been pointed out to them that refunds made after 18th January, 2004 must be paid with interest in accordance with section 284 (4) of the Companies Code.
Subscribers are advised to contact the offices of Golden Development Holding Company Ltd. for their refunds with the accrued interest.
Any complaint in connection with the refund must be made in writing to the Commission in an envelope marked “Complaints, Golden Development Holding Company Ltd “ and addressed to:
The Securities and Exchange Commission 1st Floor, State Enterprises Commission Building Private Mail Bag, Ministries Post Office, Accra or by Fax: 233- 21 – 669588; 7010477 or by E-MAIL : [email protected]