COK Sodality Co-operative Credit Union Limited (COK) is pleased to make available another Deferred Share Offer in order to raise Six Hundred Million Dollars ($600m).
This will be added to COK’s regulatory capital to improve its capital base and aid in the acquisition of a new Core Banking System. The subscription period is February 1, 2019, to January 31, 2020, and the terms are as follows:
- Initial fixed interest rate is 7% per annum up to February 1, 2020.
- The rate will reset every six months, at the average six-month Treasury Bill yield held prior to the commencement of each period. Plus tow hundred basis points.
- The first dividend payment will come due and payable on March 1, 2019, and thereafter it will be payable monthly on the 1st fay of the month.
- Deferred Shares are offered at a price of J$1.00 per share.
- Shares are redeemable in one bullet payment on February 1, 2024, at the purchase price.