NO DIVIDENDS FOR CBL’S ORDINARY SHAREHOLDERS…One shareholder told BP, “I want my damn money!”
Nassau, Bahamas – Preferred shareholders at Cable Bahamas are not feeling the uphill battle in the company’s quest to take on an investment in its new mobile venture and thus the company is finding it difficult to raise funds.
Some shareholders were given until August 31st to buy new shares in the company to raise funds for the project.
Sadly a huge majority of preferred shareholders declined the offer by CBL, and believe the company would find themselves between a rock and a hard place in getting the needed funds to build towers and a national network to offer service to customers.
Some experts believe the investments needed to build a real competing network would cost CBL more than half a billion dollars. That kind of cash just cannot be found.
And while CBL in its scrap for cash announced it would not be issuing dividends so it can hold onto money to help in the startup of the project, preferred shareholders dug into the kitty and took out their profits for the year while starving the rest.
In commercials on its network, CBL showcased retirees and showed how they invested in the cable company in its 20-year investment in the country. One must wonder what those same ordinary shareholders advertised are saying now when they find out they ain’t gat no money to get from CBL this year?
One shareholder told BP, “I want my damn money.”
Meanwhile the struggle already inside Cable’s NewCo operations with CEO, Damian Blackburn, is real. Yesterday they launched in a video telling Bahamians a-heap-a-lies while they know the company has no infrastructure and was banking on using BTC’s nationwide network to claim it as their own.
Bahamas Press has learnt the new mobile company is expected to come into the market with HIGH Priced Packages, where consumers will pay more. In the end NewCo will never finish what they should have completed just as Cable abandoned the islands of the Bahamas.
Meanwhile one observer Philip A. Darville in all this joke had this to say: “let’s be …Cable has trouble keeping their own Cable TV working properly but can rescue out telephone issues using the same BTC infrastructure?
We report yinner decide!