Aug 2007 Financial News

The Barbados Shipping and Trading Company Limited - Notice to Shareholders

Aug 08, 2007

VARIATION OF DATE OF ISSUANCE OF DIRECTORS’ CIRCULAR

This serves to advise that The Barbados Shipping & Trading Co Ltd (“BS&T”) has filed an Application to the Trinidad and Tobago Securities and Exchange Commission for an extension of the date by which the Directors’ Circular will be issued in response to an Offer by AMCL Holdings Limited, a company incorporated in Barbados, to purchase any and all of the outstanding Ordinary Shares of BS&T. The date by which the Circular is expected to be issued is on or before August 14th, 2007 which is in accordance with Barbados legislation.

The reasons for this are as follows:

1) The Barbados legislation is at variance with that of Trinidad & Tobago in respect of the deadlines by which a Directors’ Circular, in response to a take-over bid, must be issued. Considering that Barbados is the jurisdiction in which BS&T is incorporated and registered as well as the fact that BS&T is the target of the Offer, we have submitted that BS&T be permitted to act in accordance with the legislation of our primary jurisdiction.

2) While it was the initial intention to issue the Directors’ Circular at an earlier date, upon an initial review of the cash offer and Investment Election documents, it was decided to extend the scope of the bid assessment through the appointment of an independent financial advisor. In order to accommodate this development as well as to allow for the logistics of printing and delivery for mailing, we have relied on the time permitted under the Barbados legislation.

3) In the period following July 26th, BS&T and Neal & Massy were holding discussions with a view to terminating the merger of the two companies. This presented the likelihood of a material change which BS&T’s Board of Directors would need to include in the Circular to shareholders.

Natalie M. Brace
Corporate Secretary


Source:
The Daily Express, Page 51
Wednesday August 8, 2007