$3.2m restructuring deal safeguards future of BBC

  • BBC: Shareholders backed restructuring deal

    BBC: Shareholders backed restructuring deal

Bermuda Broadcasting Company shareholders have backed a restructuring of the firm, it was announced yesterday.

BBC president Chris Perry said the changes would put the company “on a sound financial footing and to allow it to focus on its core business of broadcasting”.

The Royal Gazette reported last month that the firm wanted to issue extra shares in a bid to raise $3.2 million.

The BBC, controlled by businessman Fernance Perry, announced a deal with Mayfair Ltd, another Mr Perry-controlled firm, which would see it enter into a loan note with Mayfair with convertible notes of up to $3.2 million issued to Mayfair.

The move was designed to increase BBC share capital to more than 5.26 million shares at $2.40 each to allow the company to issue in excess of 4.6 million new shares at the same price in connection with the loan note.

Mr Perry said: “The board and the shareholders recognise that the company is an asset to Bermuda and the community of Bermuda, unlike any other.”

He added that the deal meant that 29 full-time and 13 part-time or casual jobs would be safeguarded.

Mr Perry said: “We hope this will create opportunities for more Bermudians to become the broadcasters, sound engineers, broadcasting technicians and even news presenters of the future.

“It has also preserved the unique community asset that is the BBC for future generations of Bermudians and Bermuda residents to enjoy.”

Fernance Perry, now in his 90s and at present in the US, is the majority shareholder and chairman of the BBC, which owns the two remaining Bermuda TV stations ZBM and ZFB after VSB ceased TV broadcasting at the end of August.

It also runs two radio stations.

Fernance Perry is chairman and CEO of Mayfair Ltd, a holding company and majority owner of real estate management firm Devonshire Properties.

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Published Oct 2, 2014 at 8:00 am (Updated Oct 1, 2014 at 8:18 pm)

$3.2m restructuring deal safeguards future of BBC

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