BRIDGETOWN, Barbados, February 28, 2008 – Trinidadian conglomerate Neal and Massy will know by tomorrow whether or not it has enough Barbados and Shipping Trading (BS&T) shares in hand to allow it to fully take over the company.
Neal and Massy has already secured 85 per cent but chief executive officer Bernard Dulal-Whiteway had indicated that his company would give holders of the other 15 per cent an opportunity to sell their shares by the close of business tomorrow, as part of a negotiated settlement with the Barbados Securities Commission to end legal action against the company.
It’s offering BDS$8.50 (US$4.25) per share for half of all shares tendered by each stockholder and for the remaining half, one Neal & Massy share plus BDS$1.80 (US$0.90) for every 2.75 BS&T shares. Neal and Massy will be required to pay for those shares by March 14.
If the oil and energy conglomerate company acquires at least 90 per cent of the shares it has the option of compulsorily acquiring the remaining shares and fully own the Barbadian business, making BS&T a wholly-owned subsidiary of Neal & Massy Holdings.
However, Dulal-Whiteway has assured BS&T shareholders they will still have a stake in the company, through their Neal & Massy holdings.
“We have great plans for BS&T and it will not be Trinidad and Tobago running BS&T, but we will be relying on local management,” he said.
“We assure Barbadians there are no plans as a result of this takeover to cut back on labour…but we want the company to perform better than it has,” he added.