Jan 2007 Financial News

BWIA shareholders to know fate in 2 weeks

Jan 04, 2007

BWIA shareholders are to know the fate of their investments in the now defunct airline in two weeks.

This from Minister in the Ministry of Finance Christine Sahadeo, speaking at the Ministry of Finance offices in Port of Spain yesterday.

Last week, BWIA minority shareholders were told that their shares in BWIA are worthless now that the company is bankrupt, closed and de-listed from the Trinidad and Tobago Stock Exchange.

BWIA chairman Arthur Lok Jack broke the news to shareholders at last Friday's BWIA shareholders meeting at the Crowne Plaza hotel, Port of Spain. Government owns more than 97 per cent of BWIA stock, with minority shareholders controlling the remaining three per cent.

Some shareholders made the suggestion that together with capital injected by the Government into the airline for its closure and the establishment of a new entity (Caribbean Airlines), money should be given to shareholders for the faith they had in the national airline.

Sahadeo told the Express yesterday that the Government is currently considering this proposition and analysing the situation with shareholders. She added that hopefully, in two weeks, Government should have an answer to the shareholders' question of what will become of their three per cent holding in BWIA.

Shareholders shed tears at last week's meeting, as many of them would have lost their entire savings when BWIA went under. -DR

Source:

The Trinidad Express
Thursday 4th January, 2007

http://www.trinidadexpress.com/index.pl/article_business?id=161076191