Dear Editor,
 
Kindly allow me space in your valuable column to express my views on the recent IPO of shares on APD Limited.
I believe it is necessary to reiterate and to expand on the recent concerns and views expressed by Franklyn Wilson and the Office of the Prime Minister, and also to put some pertinent questions to the Securities Commission.  While I'm not attempting to repeat what has already been printed in the newspaper, I will say that I support Mr. Wilson's position.  And I believe we ought to be appreciative of persons like Mr. Wilson, who have the courage and intellectual ability to recognize, expose and reveal the loopholes in the IPO that the average person may not be aware of.  More importantly, Mr. Editor, where is the voice of the Securities Commission?  Aren't they supposedly looking out for the investor?  According to the press, APD is hoping to raise $10 million from investors which will represent a 20 percent minority interest.  However, presently there is no representation for minority investors on the board.
Personally, I believe there is something sinister about the manner in which the prospectus was prepared, intentionally omitting board representation for minority investors.  I believe it is incumbent upon the Securities Commission to immediately ensure that the above investors are represented.  It is not enough for a principal to remark that it will be dealt with at the first board meeting.  That can't be right.  And to add fuel to the fire, he goes on to say, 'that person should bring something to the table'.  Like Mr. Wilson said, "They are bringing $10 million."  Mr. Editor, one would have expected the Securities Commission to immediately put a halt to the IPO and insist that APD Limited correct the concern the Office of the Prime Minister has.  I can almost guarantee you that if it was a group of a darker shade, the Securities Commission would have been all over them.  Sir, you know some of our journalists, sometimes they make you wonder and question their ability to be a journalist or a reporter, while some are glorifying the IPO and talking about an upcoming whirlwind  tour as if this is the second coming.  What they ought to be doing is examining and investigating the concerns raised and putting pressure on the regulatory body to act, so that the integrity of the body will not come into question.  Mr. Editor, I've been following this scenario since its inception and I certainly would not buy into it.  And I would advise that others to follow suite until the concern is corrected.
 
- Pat Strachan

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