May 2007 Financial News

Neal & Massy and BS&T Announce Planned Merger

May 15, 2007

The Board of Directors of Neal & Massy Holdings Limited (Neal & Massy) and The Board of Directors of The Barbados Shipping & Trading Company Limited (BS&T) are pleased to announce plans to merge their respective enterprises, which will result in the creation of one of the largest and most diversified, indigenous corporations in the region.

The decision was made recently by the Boards of both corporations and is subject to regulatory approval as well as approval by the shareholders of both companies. The necessary consultations with the relevant regulatory authorities have been held and all required information has been submitted.

Should the proposed merger obtain the requisite approvals, shareholders of Neal & Massy and BS&T will be shareholders of the combined enterprise, which will be called “Neal & Massy, BS&T Group Limited”. Registered in Trinidad & Tobago, Neal & Massy, BS&T Group Limited will continue to trade its shares on both the Trinidad and Tobago and Barbados Stock Exchanges.

After the merger, the combined Group will have annual revenues of over US$1Billion, complemented by a strong capital and asset base. It will have a significant presence in all the major English-speaking countries in the Caribbean and top-tier regional positions in the retail, distribution, logistics, automotive, financial services, energy, industrial gases, information technology and tourism sectors. The Group will employ almost 9,000 persons in the region. The absence of overlap in the respective operations augurs well for manpower retention and development.

The Directors believe that the merger is in the best interest of both corporations and envision the merged enterprise as a dynamic, high-growth group of companies, well-positioned to achieve a strong and stable financial performance providing increased shareholder value through its diversified mix of business, larger scale and enhanced efficiency and competitiveness.

Full details including the benefits of the transaction, the supporting financial data and exchange ratio of the shares between the two corporations and the process by which the merger is proposed to be achieved, will be sent to shareholders of both companies as soon as the requisite regulatory approvals have been received.

For more information on both companies visit www.neal-and-massy.com or www.bsandtco.com

Source:
The Daily Express, Page 21
Tuesday May 15, 2007