ECSE To Dematerialise

Investors will no longer hold certificates to confirm proof of ownership of securities listed on the Eastern Caribbean Securities Exchange (ECSE). They will instead receive a letter confirming ownership, of shares held in electronic form at the Eastern Caribbean Central Securities Registry Ltd. (ECCSR), a subsidiary of the ECSE.

This is termed ‘dematerialisation’, which means a non-material or un-certificated environment, where investors will no longer hold certificates as proof of ownership.

The ECSE summary trading report for the week ending Friday, 23 May showed 1,500 Grenada Electricity Services Limited (Grenlec) shares traded at $10.00 per share, down 50¢ or 4.76% on its last traded price.

The ECSE’s Calendar of Issues and Prospectuses for the Regional Government Securities Market, shows that from February to November 2014, the Government of Grenada is seeking to issue government securities to refinance its existing treasury bills currently on the market:

91 Day Treasury Bills

  • Series A: Fifteen (EC$15.0) Million in each of 3 issues
  • Series B: Fifteen (EC$$15.0) Million in each of 4 issues

365 Day Treasury Bills

  • Thirty (EC$30.0) million in 365 day treasury bills on 17 July 2014.
  • Twelve (EC$12.0) million in 365 day treasury bills on 9 October 2014.
  • Twelve (EC$12.0) million in 365 day treasury bills on 27 November 2014

The maximum coupon rate of the new bills being 6% per annum. The Treasury bill issues are being raised under the authority of the Revised Treasury Bills Act 2003 of Grenada. The Constitution of Grenada stipulates that principal and interest payments are direct charges on the Consolidated Fund. A competitive uniform price auction will be used. Previous Treasury bill issues was a 91–day Treasury Bill, EC$15M on 15 May 2014.

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