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Virgin Gorda residents hear more about Tortola Pier Park public offering

Virgin Gorda residents hear more about Tortola Pier Park public offering
Residents of Virgin Gorda had the opportunity to learn more about the Tortola Pier Park Ltd. public offering from placement agent Clarence Faulkner who delivered a public presentation Wednesday evening.

Faulkner briefed residents on investment benefits and risks. The offering is being made through a special purpose vehicle with the sole purpose of financing the cruise pier and landside development.

The offer is categorized by Class A, B and C Preference Shares with annualized returns at 5.75% if redeemed after seven years, 6.75% after 10 years and 8.45% after 15 years, respectively.

Faulkner said 3,300 British Virgin Islands jobs are directly related to travel and tourism, and that projections in the ‘World Travel and Tourism Council 2014 BVI Impact Report’ anticipate growth to 9,000 jobs by 2024.

With the new cruise pier, 650,000 passengers are expected in the 2015/16 season.

At the meeting, BVI Ports Authority managing director Claude O. Skelton Cline said the pier is 55% complete with more than 100 piles already driven. Piles for the landside development have been driven and foundation work has started on two of the buildings.

Cline encouraged residents to consider investing through the special purpose vehicle, owning a business at Tortola Pier Park or creating ancillary businesses that add value to BVI cruise tourism.

Tortola Pier Park Ltd. began issuing preference shares in the first of three series on Oct. 13 that will close on Nov. 28. After that, series two will officially open on Dec 1.