Dec 2006 Financial News

BWIA shares de-listed from market

Dec 28, 2006

Shares of national airline BWIA have officially been de-listed from the Trinidad and Tobago stock market by the Stock Exchange.

It comes as the company prepares to shut down in three days.

The decision of the Trinidad and Tobago Securities and Exchange Commission to de-list BWIA's shares followed a hearing with airline shareholders, members of the Stock Exchange and representatives of the company on December 15.

The shares were de-listed on December 22.

The Stock Exchange had applied to the commission to authorise the de-listing of BWIA shares.

The Stock Exchange cited BWIA's unsatisfactory financial condition and its inability to meet current debt obligations or adequately finance operations as reasons to de-list.

Trading in BWIA shares has been suspended since November last year.

Government-a 97 per cent shareholder of BWIA-can offer money to the minority shareholders when the shares are de-listed.

It is not obligated to do so under the rules of the Exchange.

Industry experts have suggested that shareholders' investments are lost.

BWIA's management will be meeting with shareholders today to discuss the company's financial situation, its shutdown and the de-listing of its shares.

After today's meeting shareholders will know what will become of their shares in the airline.

As BWIA wraps up operations, more than 1,600 of the company's staff are expected to receive their Voluntary Separation of Employment Packages by tomorrow.

Many of these employees have been given employment contacts to work for the new carrier, Caribbean Airlines, which will take off on January 1.

Source:

Driselle Ramjohn
The Trinidad Express
Thursday, December 28th 2006

http://www.trinidadexpress.com/index.pl/article_business?id=161073238