30.05.2005 Business & Finance

SEC cancels offer of Blue Mont

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Accra, May 30, GNA - The Securities and Exchange Commission (SEC) has cancelled the offer of Blue Mont Trading (Ghana) Limited because of unresolved "contentious issues" about the Company.

A statement issued by SEC on Monday said in the draft supplementary prospectus submitted to the Commission, not all the contentious issued 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 Service, the Commission, in the interest of the investing public and pursuant to its powers aforesaid has required the issuer to cancel the offer," it said.

"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."

SEC in a later dated May 24 to Strategic African Securities Limited had asked the issuers of Blue Mont Trading Limited to file a supplementary prospectus to address the contentious issues that had arisen since the offer was opened.

SEC asked the SAS to confirm the current business address and evidence of changes in the address of Blue Mont Trading UK Limited since its inception and correct the date of incorporation of the Company. It was also to provide the correct dates on which Directors joined the Board, disclose the audited financial statements for the period 2001 to date and provide information on the relationship between Blue Mont and ABRA World Incorporated and financial relationship that existed between the two companies.

SAS was also to state only the Directors that had filed at the UK Companies House and submit a notarized statement from Mr Ganesh Venkatraman on his alleged convictions. 30 May 05

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