NASSAU, BAHAMAS – Leno Corporate Services is working with the Bahamas Petroleum Company (BPC) on a Bahamian domiciled mutual fund which will exclusively hold the company’s shares and afford Bahamians the opportunity to invest in the oil explorer.
The company noted in a press release yesterday that it continues its coordinated work effort toward drilling an exploration well in The Bahamas in 2020.
On the Bahamian Mutual Fund Initiative, the company said: “With BPC’s sole focus being to explore for, and thereafter commercialize, Bahamian hydrocarbon resources, it has long been the company’s stated objective to ensure, if possible, that the people of the Bahamas have an equal opportunity to participate in the ownership of the project, through the ability to invest in the company.”
“In conjunction with its advisors, the Company will be seeking to develop and implement a Bahamas-domiciled mutual fund investment vehicle with the sole mandate of owning BPC shares,” the company said.
“Thus it is intended that through this mutual fund, Bahamians will be able to invest in the company and thus in the exploration and potential development of hydrocarbon resources in The Bahamas.
“To this end the Company has engaged Leno Corporate Services Limited, a Bahamian investment services and fund management firm, to act as its adviser for this purpose. The company expects that, following a further process of consultation with Leno and various administrators in The Bahamas, details of the proposed mutual fund, including the terms, how investors’ interests in BPC would be reflected, eligibility for, anticipated timeframe and manner of subscription, will be confirmed in the coming weeks.”
Khalil Brathwaite, manager of business development told Eyewitness News Online, said: “BPC has engaged Leno to put together an investment solution to allow them to have Bahamians participate in the opportunity.
“It’s not a capital raise, they are not looking for money, what they are doing is they want to give Bahamians the opportunity to participate in what they are doing. We are putting together a solution that is going to allow Bahamians to participate.”