Dec 2007 Financial News

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

Dec 21, 2007

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

Further to the press notice dated Wednesday, 19th December, 2007, Neal & Massy Holdings Limited (“Neal & Massy”) wishes to advise the Shareholders of The Barbados Shipping & Trading Company Limited (“BS&T”) that on Wednesday, 19th December, 2007, Neal & Massy applied for and obtained an Order from the High Court in Barbados which set aside the ex-parte injunction obtained by AMCL Holdings Limited on Monday, 17th December, 2007 against Neal & Massy.

However, on the afternoon of Thursday, 20th December, 2007, Neal & Massy received an Order from the Barbados Securities Commission (“BSC”) which seeks to prohibit Neal & Massy from taking-up and paying for any shares tendered, pursuant to its Take-Over Bid, until further Order.

Neal & Massy and its legal advisors are currently evaluating this development and will communicate with you as events unfold.

At the time of closing on Monday 17th December, 2007, 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 wishes to thank the Shareholders of BS&T for their overwhelming support and patience throughout the Take-Over process and is hopeful that the latest obstacles to the completion of the Take-Over will be overcome.

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 Order of the BSC.

Bernard Dulal-Whiteway
Chief Executive Officer
Neal & Massy Holdings Limited
Thursday, 20 December 2007


Source:
Newsday, Section A Page 3
Friday December 21, 2007