Butterfield Evaluating International Stock Listing
Mr. Brendan McDonagh, Chairman & Chief Executive Officer of The Bank of N.T. Butterfield & Son Limited, said that, following the share buy-back from CIBC in April 2015, Butterfield “continues to focus on the next stage of its development, building on its record of profitability and prudent capital position.”
“In that context, the Bank is evaluating the merits of an international listing of its common shares—in either the United Kingdom or the United States—in addition to its listing on the Bermuda Stock Exchange,” a statement from the bank said.
“Butterfield believes that an international listing could introduce broader liquidity into the share register and facilitate access to a wider pool of international investors.”
Mr. McDonagh cautioned that, at this stage, the evaluation is exploratory and further highlighted the fact that there is no certainty that Butterfield’s common shares will be listed and trade on an international stock exchange in the near future.
A statement from the BSX said, “The Bermuda Stock Exchange [BSX] has been a valuable ongoing partner for the Bank of Butterfield & Son Limited [Butterfield], providing access to capital and a world-class, well-regulated, sophisticated market for securities trading.
“We recognize and support Butterfield as it begins to evaluate its options and considers plans that are in the best interests of all of its shareholders. There are numerous companies listed on the BSX that have listings on other exchanges as part of their strategic plans to diversify their shareholder bases or for other financial reasons.
“As a key stakeholder in the Bermuda economy and longest and largest listed issuer on the BSX, we are confident that the Butterfield’s Management will continue to recognize the capital market support provided by the BSX in the domestic capital market.
“The BSX will work closely with Butterfield to encourage that to the greatest extent possible, trading and other exchange related services continue to be provided to Butterfield through the BSX.
“A successful and growing Bermuda economy fueled in part by the development of the BSX is pivotal to the long-term success of Butterfield. We know that Butterfield will be a champion of the BSX both at home and abroad and we look forward to working with them to highlight the professional expertise and technological depth of the BSX platform in Bermuda. It is scalable and has significant additional capacity. This platform is underpinned by NASDAQ/OMX trading, settlement and depository technology and is a tried and tested model in many global markets.”
Remember what happened when Bank of Bermuda did the same thing – great for the execs but lousy for Bermuda
Stock price closed at $1.65 why don’t you buy some? Might work out great for you also! The bank should consider a reverse stock split and raise that stock price away from penny stock status. Many investment funds cannot buy stocks under $5