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Remove Category B Holders From DDEP Reopening invitation-Pensioner Bondholders to Government

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The Pensioner Bondholders Forum in a letter has cautioned the Minister of Finance to removed “Category B Holders” from the DDEP Reopening invitation.

“The menace of the inclusion of “Category B Holders” in the invitation is that, pensioners will not receive their coupons and principals due during the offer period, and until settlement date. This is so, as the Government will have to wait till settlement date to be able to determine holders who did not tender their bonds, before paying them their coupons and principals that became due during the offer period”.

This was made known at a press conference organized by the convener of Pensioner Bondholders Forum, Dr. Adu A. Antwi, FCA, Esq to express their anger to what is happening.

“We have three (3) coupons and one (1) principal that are due and payable today, Monday, 18″ September 2023, and expect to receive the payments without any delay. We also expect to receive, without delays, payments of subsequent coupons and principals that will fall due”.

According to Dr. Adu Antwi, the Forum have noted that “Category B Holders” consisting of Eligible Holders that are natural persons 59 years old or older as of 1st January 2023, and are still holding Eligible Bonds and have been included as part of “Eligible Holders” who are being invited to tender their holdings of the Eligible Bonds in exchange for a package of New Tranches and therefore finds it as irregular.

The Pensioner Bondholders Forum he stated believe that, the inclusion of “Category B Holders” (Pensioners) in the invitation is irregular because, the Category B Holders” who did not tender their bonds, were on the 16″ February 2023 exempted from the DDEP.

“We trust that the Minister of Finance will cause the exclusion of “Category B Holders” (Pensioners) from the DDEP Reopening invitation.

The Forum he mentioned have advised that, the Government should not create a situation that would result in pensioners not receiving their coupons and principals on due dates.

The Paragraph 6 of the Ministry’s press release on the invitation Dr. Adu Antwi revealed, states in part as follows “The purpose of this Invitation is to provide those holders who did not participate in either of the Prior Domestic Cedi Exchanges with the opportunity to exchange their Eligible Bonds for New Tranches”.

Therefore, thei response to the statement is that, natural persons 59 years old or older as of ist January 2023, who did not tender their bonds are, by the exemption granted them, no longer part of holders who did not participate in the DDEP, but persons who were exempted from the DDEP.

Again, Paragraph 4 of the press release on the invitation states, “We are aware that a number of holders of Eligible Bonds did not participate in the February 2023 Exchange on time and, as a result, were left with their holdings of the Eligible Bonds. Mindful of this development, we are proceeding with an administrative reopening of the February 2023 Exchange”.

However, their response to the statement was that, natural persons 59 years old or older as of 1st January 2023, are not part of holders of Eligible Bonds who did not participate in the February 2023 Exchange on time, they were exempted from the DDEP.

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