FCB IPO

[zoom rader]

^^^ men still beating up over this while doubles men still not paying income tax.

[jusjase44]

doubles man, taxi/maxi man, man selling on d highway/side ah some road (an they all making better than average income an bawling like ah baby)

[zoom rader]

doubles man, taxi/maxi man, man selling on d highway/side ah some road (an they all making better than average income an bawling like ah baby)

Yep and ppl only looking at one side of the coin. Some men took advantage of the share offer and doublesmen take advantage of making over $30K a week and not paying income tax or NIS.

[ray d saint]

This is why we cannot progress! We seem to be incapable of thinking about the bigger picture and are comfortable with the notion that as long as we are not breaking any laws, we are not doing anything wrong! We absolutely subscribe to the "smart man" misnomer and continue to believe that if something is legal it must be ethical, or at least some posts in this thread suggest so.
My other questions, to ray d saint (since you seem to know much about this stock trading thing), what was the purpose/s of the IPO? did it serve the purpose/s? and if it did not serve the purpose/s, did Mr. GCRO (and others like him) contribute to it's failure?
I just hope the FIU and DEA are doing their checks with respect to how he got this $14M and I wonder if the bank is satisfied with his explanations of how he got it.

On the purpose of the share offer, the prospectus states: “The divestment of a portion of GORTT’s interest in the issuer should therefore provide investors with a long-term investment in the banking sector, add to total stock market capitalisation and at the same time dampen inflationary pressures.”

Yes it did serve its purpose.

[ray d saint]

[airuma]

"Spreading share ownership as widely as possible..." - We have an agent of the bank purchasing $14M worth and it was subsequently oversubscribed and people who were interested were refused the full amount they applied for. If anything he prevented this purpose.
"provide investors with a long-term investment..." is 5-6 months considered long term in investment?

This is a straight case of conflict of interest, he had a huge interest in the outcome and is in a position to influence it's outcome, pretty much like the Mary King issue, Calder Hart/ Shanghai construction issue etc. Should we also say that they saw an opportunity and took it?
The only angle I have not seen presented here so far is that he used "his" $14M like a hedge fund and that his investment largely contributed to the spike in the share price. But I don't know much about the stock market so I'm just guessing. Either way, it's still unacceptable manipulation IMHO and I hope the FIU is doing their checks.

[zoom rader]

^^^ airuma did you buy any shares in FCB?

[airuma]

Nope, but even if I did and profited from it:
1. I would not have anywhere close to $14M to invest in it
2. Would never take that kind of risk even if I had it (all eggs in one basket)
3. I believe that too much liquidity is an indication that you don't know how to invest/ take risk but somehow this risk was VERY appealing to at least two individuals WORKING AT FCB.

[zoom rader]

^^^ You beating up to much over this. The guy and the rest of Board members knew what they were doing and what were the risk involved.
I knew of a few lower bank staff that got over the allocated 5000 shares. They took out loans and when the price doubled they sold enough to pay off their loans and sitting easy on free shares.

[airuma]

This is something to beat up about, I care about my existence and that of my children. If we keep "thieving" from ourself like this we will head nowhere fast and will have to take the blame for it. In the final analysis, the countries that have successfully dealt with and eradicated these practices, will be superior. They will own us if we can't own ourselves. These practices will only widen the gap between the wealthy and the poor, which in turn will fuel crime, apart from that, the general public now knows that someone was able to generate over $12M in 5 months with very little effort. Do we really need this lack of productivity to continue in Trinidad & Tobago? Come on people, look at the bigger picture!

[mero]

^^^ You beating up to much over this. The guy and the rest of Board members knew what they were doing and what were the risk involved.
I knew of a few lower bank staff that got over the allocated 5000 shares. They took out loans and when the price doubled they sold enough to pay off their loans and sitting easy on free shares.

staff not allowed to sell shares within the first year though

[pete]

Oh so he still has all the shares then. Or is that just the discounted shares they can't sell?

[zoom rader]

This is something to beat up about, I care about my existence and that of my children. If we keep "thieving" from ourself like this we will head nowhere fast and will have to take the blame for it. In the final analysis, the countries that have successfully dealt with and eradicated these practices, will be superior. They will own us if we can't own ourselves. These practices will only widen the gap between the wealthy and the poor, which in turn will fuel crime, apart from that, the general public now knows that someone was able to generate over $12M in 5 months with very little effort. Do we really need this lack of productivity to continue in Trinidad & Tobago? Come on people, look at the bigger picture!

The guy and those involved are in the money loop so they know how to access ready cash. If you were a car mechanic then you will know where to access hard to find parts.

why not beat up over doublesmen and tradesmen that make over $30k a week and pay no income tax or NIS.

[RASC]

ZR Logic: 14M is nothing to get vex about. Take a chill pill. What we should really be concerned about is small and micro enterprises that pay no income taxes.
These are the real villains of society #PNMFault #UpperMiddlesClass #Unaffected #WinkySmileyFace

[PapaC]

Anybody here actually know of anyone who was denied the amount of shares they wanted or denied outright?

https://www.firstcitizenstt.com/about/news-and-notices/notice-process-for-allocation-of-shares.html

IPO Notice 15.2.14[1].2.14[1].2.14[1].2.14[1].jpg

[zoom rader]

ZR Logic: 14M is nothing to get vex about. Take a chill pill. What we should really be concerned about is small and micro enterprises that pay no income taxes.
These are the real villains of society #PNMFault #UpperMiddlesClass #Unaffected #WinkySmileyFace

Doublesment & tradesmen agv
$30k per wk @ 52wks = $1.56M Tax free.
$375K + NIS + Health surcharge is owed in taxes yet still these are the first ppl to complain about social services and want a HDC house.

[airuma]

ZR Logic: 14M is nothing to get vex about. Take a chill pill. What we should really be concerned about is small and micro enterprises that pay no income taxes.
These are the real villains of society #PNMFault #UpperMiddlesClass #Unaffected #WinkySmileyFace

Doublesment & tradesmen agv
$30k per wk @ 52wks = $1.56M Tax free.
$375K + NIS + Health surcharge is owed in taxes yet still these are the first ppl to complain about social services and want a HDC house.

Again, we are not seeing the bigger picture. I agree, rightfully they should be paying taxes, as well as all of the other people selling "soft drink and cigarettes" and all odd hours of the night, and DVDs. I really wonder how much people really want to buy a DVD in the wee hours of the morning. Not to mention the burgers, corn soup, pies, recent surge in fried chicken outlets, maxi taxi, taxi etc. But you stuck with the Doubles. I personally have no problem with the fact that I can get a quick meal for $8 (two doubles). If this not helping the country's poorer people, then what will?
They also provide employment and hence contribute to a reduction in crime and increase in productivity. So they breaking the law, yes, but if we eliminate them (run them down for tax evasion and frustrate them out of business) we will suffer repercussions. Now tell me, exactly how does the actions of Mr. GCRO and his co-worker who bought over 200,000 shares help this country? If they did not exploit something that they should be protecting, would we have been worst off as a country?
The fact is, FCB is a public company and they are agents of the state that should be acting in a manner that will preserve the state. In more serious pars of the world, these things will not be allowed to continue but we are contented with confusing our comical nature as a preferred form of happiness.

[zoom rader]

^^^ No existing Laws, rules or regs were broken so there is nothing to answer for.
Time to move on to phoenix park shrares , save ur money or take a loan and buy some shares rather than play mass and waste ur money.

[airuma]

^^^ and if the majority of us have this attitude, none will ever exist and we WILL FAIL as a country. AFIK, this is part of one of the processes for creating laws. Did Calder Hart break any laws? What about Duprey? This is the type of behavior that has us going in the wrong direction, condoning unethical behavior because we want to benefit from it.

[RASC]

Youre speaking to a brick wall.
"Let's move on" as his idol Kamla would say.
Doh study it, that's his normal behavior.

[zoom rader]

^^^ and if the majority of us have this attitude, none will ever exist and we WILL FAIL as a country. AFIK, this is part of one of the processes for creating laws. Did Calder Hart break any laws? What about Duprey? This is the type of behavior that has us going in the wrong direction, condoning unethical behavior because we want to benefit from it.

Unethical behavior , very nice since 1962 we moved into the wrong direction. 50 years later and it continues.

[zoom rader]

Youre speaking to a brick wall.
"Let's move on" as his idol Kamla would say.
Doh study it, that's his normal behavior.

Well you stay and study who moved your cheese

[RASC]

Youre speaking to a brick wall.
"Let's move on" as his idol Kamla would say.
Doh study it, that's his normal behavior.

Well you stay and study who moved your cheese

Yeah because studying who big boys tiefing money is a waste of time... you seem to be following the doctorine of your idols to a tee.

You're exactly why the country is the way it is. But I'm sure is PNM fault and not yours...

[zoom rader]

Youre speaking to a brick wall.
"Let's move on" as his idol Kamla would say.
Doh study it, that's his normal behavior.

Well you stay and study who moved your cheese

Yeah because studying who big boys tiefing money is a waste of time... you seem to be following the doctorine of your idols to a tee.

You're exactly why the country is the way it is. But I'm sure is PNM fault and not yours...

Seems u know who tiefing money

[KM_2NR]

Is it too late to invest in this?

[RASC]

Youre speaking to a brick wall.
"Let's move on" as his idol Kamla would say.
Doh study it, that's his normal behavior.

Well you stay and study who moved your cheese

Yeah because studying who big boys tiefing money is a waste of time... you seem to be following the doctorine of your idols to a tee.

You're exactly why the country is the way it is. But I'm sure is PNM fault and not yours...

Seems u know who tiefing money

Ent you roll in that circle...

[zoom rader]

Is it too late to invest in this?

Returns may be a bit slow since the share has reach a peak.
Hold on for the phoenix park shares which may be out in late April. FCB is the doing the process of the shares, so check with them for the forms.

[KM_2NR]

^ Tnx for the tip.

[ray d saint]

jus to clarify a few more things:

1. Employees could have sold their holdings 90 days after the IPO had closed, which was on or about 20th December 2013.

2. The said individual sold the shares, thus all this uproar.

3. NO individual, company, mutual fund, unit trust or other persons were denied their application for shares.

Carry On....

[jusjase44]

no individual was denied but they didn't receive the amount they subscribed for, jus sayin