Dec 2007 Financial News

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

Dec 31, 2007

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

Further to the press notice dated Thursday, 20th December, 2007, Neal & Massy Holdings Limited (“Neal & Massy”) wishes to advise the Shareholders of The Barbados Shipping & Trading Company Limited (“BS&T”) that despite our many efforts to have it removed, the Order made the Barbados Securities Commission (“Order”) which prohibits Neal & Massy from taking up and paying for any BS&T shares tendered pursuant to its Take-Over Bid, until further Order, remains in effect.

Neal & Massy has given instructions to its Attorneys to commence legal action to have the Order declared null and void, or alternatively to have it rescinded. On the basis of legal advice received, we are confident that the Order is invalid on a number of grounds, one of which is that it was founded upon an entirely false premise.

Unfortunately, until such time as the Order is removed, Neal & Massy is constrained from taking up and paying for any BS&T shares tendered to its Take-Over Bid which closed on Monday 17th December, 2007.

Under the Barbados Take-Over Bid Regulations, 2002, Neal & Massy must take up and pay for the BS&T Shares tendered to its Offer within 30 days of the closing of its Offer whilst under the Securities Industry (Take-Over-by-Laws), 2005 of Trinidad and Tobago the period for doing so is 10 days. Neal & Massy has asked the Trinidad and Tobago Securities Commission to extend the time period for taking up and paying for the BS&T Shares to the period allowed under the Barbados Regulations.

Neal & Massy again wishes to thank the Shareholders of BS&T for their overwhelming support and patience throughout the Take-Over process and remains hopeful that the latest obstacle 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.

Bernard Dulal-Whiteway
Chief Executive Officer
Neal & Massy Holdings Limited
Sunday, 30 December 2007

Source:
Sunday Express, Page 32
December 30, 2007