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Results 'not indicative' of group performance

Manasa Kalouniviti
Friday, March 02, 2018

BANK South Pacific (BSP) chief executive officer Robin Fleming says the financial results of Fiji-based subsidiary, BSP Convertible Notes Ltd (BCN) for 2017, is not an indication of the BSP Group performance or that of its Fiji operation.

Mr Fleming was referring to report in this newspaper last week which stated that BCN had recorded a lower net after-tax profit in 2017 of $2.28 million when compared with $2.36m achieved in 2016.

He clarified with PNG's daily newspaper, The National, that BCN was incorporated in Fiji to give investors an opportunity to buy equity in BSP.

"BSP Convertible Notes Ltd is a special purpose company incorporated in Fiji and is a wholly-owned subsidiary of Bank South Pacific Ltd (BSP)," Mr Fleming said.

He said the company was incorporated in April, 2010, to facilitate the issuance of convertible notes to Fijian investors which gave them an option to own an equity the BSP Group.

"The funds raised from the issue were invested in a loan to BSP's Fiji branch and the interest received is the source of income for BCN.

"The convertible notes mandatorily converted to Fiji class shares after three years on April 20, 2013, and the noteholders became Fiji class shareholders," he said.

Mr Fleming further clarified that after the conversion of notes to Fiji class shares, BCN was required to make dividend payments to Fiji class shareholders.

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