Monday, April 20, 2015/ 1.50pm / Share Support Service
Further to the news report about the suspension of BGL board and the appointment of an interim management for the group by the Securities and Exchange Commission (SEC), reliable sources are confirming to the Share Support Service unit of Proshare NG that BGL Group has been working, cooperating with the Securities and Exchange Commission for the past six (6) months or more on efforts to address the challenges faced and seeking a recapitalization program that led to this stage.
While awaiting official statements from both the SEC and the BGL Group, we were able to piece together that the interim arrangement was designed for a forty-five (45) day period in the first instance, where it is expected that by June 1, 2015; the recapitalization process would have been concluded.
Information about the specifics of the investor related issues remain sketchy but will not be unconnected to the pre-2008 issues that significantly affected the institution for which the market was abreast of (some of which are institutional in nature).
We are assiduously working on getting in touch with the BGL team as well as the regulators, SEC, for proper clarification on the issue while further updates will be made available as soon as we hear from all parties involved.
In the meantime, it is instructive to note (in response to a deluge of enquiries received today) that all capital market activities related to the institution remains unaffected.
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