Jun 2007 Financial News

Trading in BS&T shares suspended on the BSE

Jun 04, 2007

THE SECURITIES COMMISSION has exerted its authority to suspend the trading of Barbados Shipping & Trading (BS&T) shares on the Barbados Stock Exchange (BSE).

And, while the commission and its Trinidadian counterpart have approved the documentation and legal requirements surrounding the BS&T/Neal & Massey merger, general manager of the commission Virginia Mapp told the Press that approval of the merger was ultimately up to every shareholder of the two companies.

In a candid interview on Thursday night Mapp said: "If BS&T shareholders say 'Yes' and Neal & Massy shareholders say 'No', [the merger] cannot go anywhere; if Neal & Massy shareholders say 'Yes' and BS&T shareholders say 'No', it still can't fly."

On Friday afternoon the Barbados commission suspended until June 27 the trading of BS&T shares, which had seen prices creep from $5.50 to $5.51 per share on the regular market since the May 17 merger announcement.

Mapp disclosed on Thursday that the regulatory body was considering weighing in if the BSE did not act to suspend trading in the shares.

"The stock exchange has the first call because it's a listed company, but the Act gives us the responsibility and authority to step in and act if we see they're not doing something right, and I think it's going to come down to that."

"As long as shareholders do not have the information the shares should be suspended, because they cannot make an informed decision," Mapp said, noting that BS&T had requested that trading be suspended until shareholders received all the information surrounding the merger of that company with the Trinidadian conglomerate.

When asked for clarification, general manager of the BSE Marlon Yarde said he would prefer not to comment on the matter. (CH)

Source:
The Nation Newspaper
Monday June 4, 2007

http://www.nationnews.com/story/316336280925225.php