Aug 2007 Financial News

NOTICE TO BS&T AND NEAL & MASSY SHAREHOLDERS

Aug 08, 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”) wish to advise their respective Shareholders and the general public that, by mutual consent, they have terminated the Agreements relating to the proposed merger of their respective Companies effective 3 August, 2007.

Shareholders are reminded that the Agreements between the Companies required subsequent approval from the Shareholders of each Company. While approval was obtained from the Neal & Massy Shareholders at a Special Meeting on 25 June, 2007, the BS&T Board was constrained by Injunctions filed by certain Shareholders from holding the Special Meeting of BS&T Shareholders which was carded for 27 June, 2007. Since these matters are now before the Court of Appeal in Barbados, it is unlikely that the proposed merger will be able to be considered by the BS&T Shareholders or to take place in the near future.

In light of the unsolicited bid for the shares of BS&T by the Ansa McAl Group, and in the above circumstances, the Boards of Neal & Massy and BS&T have thought it prudent at this time not to pursue the proposed merger. This will permit the individual Boards to act independently of each other. Accordingly, the Neal & Massy nominees on the Board of BS&T, namely Bernard Dulal-Whiteway, Chief Executive Officer of Neal & Massy and Christian Maingot, have resigned from the Board of BS&T with effect from 26 July, 2007. Sir Allan Fields, Chairman of BS&T, has resigned from the Board of Neal & Massy also with effect from 26 July, 2007.

Any further communication to the Shareholders of Neal & Massy and BS&T by the respective Boards of the two Companies will be made independently.

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

Source:
Neal and Massy Holdings Limited website
August 8, 2007

http://www.neal-and-massy.com/test/neal-massy/investment/latestNews.asp?id=nmMergerTermination