This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BELCO Shares To Become BSD Eligible Security
This means that from the effective date, anyone holding Belco Shares may enter their holdings into the BSD through a BSD participant. Similarly, anyone wishing to sell Belco Shares on or after this date will be required to deposit those shares into the BSD before initiating a sell order. BSD participants include, BSX Trading Members, banks, custodians and other providers of nominee account services.
BSD was introduced on 30th November 2001and currently includes the following companies: The Bank of N. T. Butterfield & Son Limited, LOM (Holdings) Limited, Bank of Bermuda, KeyTech (Common and Preferred Shares) and BF&M.
The BSX anticipates all Main Board and Small Cap companies will be made depository eligible by year-end. In the meantime, all non-BSD eligible securities will continue to trade and settle as per current market practice.
The BSX likens the new system which €˜de-materialises' (replaces) share certificates to electronic banking. In much the same way that electronic banking reduces the need for physical currency the BSD, with the assistance of the company registrar, automates settlement and de-materialises share ownership replacing physical share certificates with electronic book entry records held in investor accounts within the BSD.
In short, the BSD makes it safer, quicker, easier and less expensive for shareholders to trade and monitor their investments.
De-materialising share certificates is a simple process, shareholders need only present their physical share certificates to a BSD participant, who in turn will arrange for them to be entered in a BSD account in either their name or that of a nominee. Once the position has been entered into the BSD the physical share certificates will be cancelled and replaced by book entry records which will be reflected in regular account statements from the participant.
The Exchange urges anyone with questions regarding BSD to contact the broker of their choice, or other financial institution, to discuss the matter further.