Blue Mont's IPO cancelled
SECURITIES & EXCHANGE COMMISSION PUBLIC NOTICE: SEC/PN/008/2005
BLUEMONT TRADING (GHANA) LIMITED
CANCELLATION OF INITIAL PUBLIC OFFERING FOR SHARES
The Securities and Exchange Commission (SEC) issues this statement further to its statement issued on 24th May 2005 informing the public that Bluemont Trading (Ghana) Limited had been requested to issue a supplementary prospectus to clarify some contentious issues that had arisen since the offer opened.
Under the provisions of Regulations 53 (1) and (2), “where in the opinion of the Commission, before the allotment date, circumstances had occurred or any information has emerged that fundamentally alters the basis of the approval of the offer or invitation to the public and which renders the information contained in the prospectus or offer document inadequate, the Commission shall require the issuer to issue a supplementary prospectus disclosing the additional information”, and in appropriate circumstances “require the issuer to cancel the offer” .
In the draft supplementary prospectus submitted to the Commission, not all the contentious issues raised had been adequately addressed.
In the light of this and further information reaching the Commission on the tax status of the company from the Internal Revenue Services (IRS), the Commission, in the interest of the investing public and pursuant to its powers aforesaid has required the issuer to cancel the offer.
Appropriate arrangements are to be made by the company and the lead manager, Strategic African Securities (SAS) to ensure that refunds are paid to all subscribers to the offer.
ISSUED BY THE SECURITIES AND EXCHANGE COMMISSION
Dated: 30th May 2005