COK issues deferred share offer

Wednesday, March 20, 2019

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COK Sodality Co-operative Credit Union has issued a five-year deferred share offer to its membership, in what it described as “a decisive move to shore up its capital base and finance a new core banking system”.

The shares, which are issued at par, accrue interest at a rate of seven per cent in the first year, and two per cent above the prevailing average six-month Treasury Bill rate for the duration of the offer until the redemption date in 2024, COK explained in a news release.

According to COK Marketing Manager Larry Johnson, interest on the offer is paid monthly, net of withholding tax of 25 per cent. He also said that the offer doesn't present the subscriber with any extra voting rights.

“The deferred shares are transferrable to other COK members pending the identification of a transferee by the holder,” the release quotes Johnson. “The interest will be paid monthly to the member's COK Golden Egg account, while an arrangement could be made for the interest to be paid to an account at another institution. This type of arrangement can be made at any COK branch.”

He added that the deferred shares represent equity in the credit union, and as such cannot be used as collateral for loans.

“Funds can be transferred electronically to purchase shares, thus eliminating the need to travel with large sums of funds to subscribe. These shares become redeemable upon maturity on February 1, 2024 for the full principal amount,” Johnson explained.

Under the terms of the offer, a minimum investment of $100,000 is required.

The credit union's CEO, Aloun N'dombet Assamba, noted that openness to change and innovation has allowed COK to grow organically through services and performance.

“COK has always been responsive and sensitive to the needs of its membership. We are providing avenues through which our members can safely invest their money and plan for their future,” she said.

“With our thrust for growth through innovation, we will be expanding our product offering to meet the needs of a changing demographic,” she added. Assamba said that COK's forefathers had always been focused and driven by a sense of service to the point where COK, at 51 years of existence, is the largest credit union in terms of membership in Jamaica and the English-speaking Caribbean.

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