Dec 2007 Financial News

ATTENTION SHAREHOLDERS OF THE BARBADOS SHIPPING AND TRADING COMPANY LIMITED (“BS&T”)

Dec 19, 2007

ATTENTION SHAREHOLDERS OF THE BARBADOS SHIPPING AND TRADING COMPANY LIMITED (“BS&T”)

Neal & Massy Holdings Limited (“Neal & Massy”) wishes to advise that its Offer to acquire all the issued and outstanding shares of BS&T closed at 5:00 p.m. on Monday 17th December, 2007.

At the time of closing, approximately 43 million BS&T shares representing 56.6 % of the issued and outstanding shares of BS&T had been tendered to the Neal & Massy Offer. This, together with the 27.8% already held by Neal & Massy, brings the total support for the Neal & Massy Offer to 84.4 % of the issued and outstanding shares of BS&T.

Neal & Massy is desirous of completing its Offer, and, subject to reservations mentioned below and to the terms and conditions of the Offer, hereby declares the same to be unconditional. Neal & Massy was advised by its Counsel that AMCL Holdings Limited has obtained ex-parte an injunction against Neal & Massy, the effect of which is to prevent Neal & Massy from taking up and/or paying for the BS&T shares that were tendered to the Neal & Massy Offer. Neal & Massy has taken action to contest the injunction, but, unless and until it is set aside, will not be in a position to take up and pay for any BS&T shares tendered to its Offer.

Neal & Massy’s Offer and its legal advisors are currently evaluating the present situation and will communicate with you as events unfold. In the meantime, however, NEAL & MASSY RESERVES ALL ITS RIGHTS under the terms and conditions of its Offer, including, but not limited to, any rights of rescission that Neal & Massy may now or hereafter be entitled to exercise arising out of the grant of the injunction or otherwise.

Bernard Dulal-Whiteway
Chief Executive Officer
Neal & Massy Holdings Limited

Wednesday, 19th December, 2007


Source:
The Daily Express, Page 87
Wednesday December 19, 2007