The facts about Astaphans going public
The fact that Astaphan is going public has been the subject of much discussion in
Dominica and abroad. Many useful questions have been asked and the firm is only too
pleased to answer them. The facts supplied in this and later editions of this papef are
intended to meet the points raised.
The decision to go public was not one made suddenly. It was being carefully con-
sidered for years. In proof of this we reproduce the following extracts from the firm
of Auditors dated July 26th 1965 :
"We are pleased to hear your views on the question of ultimately converting the
Company into a Public one. There is little doubt in our minds that this is the right
course of thought. Taxation in the foreseeable future will not permit the build-up of
a large business empire under a small family structure only. This may also be true in
likely new thinking of present political -social attitudes of our area. The Public
Company concept will lead to developing confidence in our society, stimulate invest.
ment consciousness, improve and uplift Union and Government thinking and will
lead to a better development of staff and Management who will feel that there is no
fixed limit to their positions and the growth of the Company. The end result being
better profits under a safer national environment and atmosphere."
Why has it taken so long you may rightly ask? Well such major steps have to be
carefully planned. We had to introduce new systems and revise our methods to
prepare for this new venture. We had to consult far and wide and once the decision
was made considerable planning had to be done before the scheme could be launched.
Many people have doubts as to why we are going public. Astaphans started, as you
know, as a small family firm. It has grown over the years into a major business. Its
rate of growth has amazed many people.
The decision to go public as can be seen from the above quotation, was taken a long
time ago and all the evidence shows that this has been uppermost in the firm's
thinking for some time now. The decision coincide with a movement in the Caribbean
for participation by the public in the investment opportunities available. It is a call
for the people of the country to share in the country's wealth. It is intended to boost
local investment. Astaphans is a local venture. It is opening its doors to the public.
Its reputation over the years as a dynamic firm cannot be disputed. It is well known
not only in Dominica but all over the Caribbean and other parts of the world. It needs
your support to continue to serve you better.
The Prospectus published tells you a great deal about our business, your business.
The firm owns The Shopping Centre whichyou know so well and which has served you
so well. A Mattress Factory, ASTA Hotel which is already making a name for itself,
Warehousing at Fond Cole, valuable land at Portsmouth, and 60% of a successfully
launched Dominica Construction Company, with fantastic potential.
Astaphans has already displayed its capacity to grow and to utilize its potential
to the fullest. The Company is inviting you to share and to play a part in its future, a
part that will be of benefit to you, to the Company and to Dominica.
It has been said that what is important today is to have the widest possible parti-
cipation of nationals in the country in the share issues of this Company. We are very
conscious of this, and as we realise the idea of investing in companies is relatively new
to the majority of people in the country, wemust do everything to ensure that Domin-
icans are given the facilities to invest in the future of their country.
Is this a worthwhile idea?
If it is why not support it ?
The next information leaflet will tell you more about the Company, about what
the shares will mean to you, and will answer your questions about the Prospectus and
give more information about going public.