Feb 2008 Financial News

NEAL & MASSY TO TAKE UP SHARES OF BS&T TENDERED PURSUANT TO ITS OFFER TO ACQUIRE ALL THE ISSUED AND OUTSTANDING SHARES OF BS&T

Feb 18, 2008

NEAL & MASSY TO TAKE UP SHARES OF THE BARBADOS SHIPPING AND TRADING COMPANY LIMITED (“BS&T”) TENDERED PURSUANT TO ITS OFFER TO ACQUIRE ALL THE ISSUED AND OUTSTANDING SHARES OF BS&T


Friday 15th February, 2008

In its press notice dated 19th December, 2007, Neal & Massy Holdings Limited (“Neal & Massy”) advised that at the time of closing of its Offer on Monday 17th December, 2007, 43,145,984 BS&T Shares representing 56.8% of the issued and outstanding shares of BS&T had been tendered to the Neal & Massy Offer and that this, together with the 27.8% already held by Neal & Massy, brings the total support for the Neal & Massy Offer to 84.6% of the issued and outstanding shares of BS&T.

Neal & Massy understands that the Cease Trade Orders made by the Barbados Securities Commission will be lifted as of Monday 18th February, 2008. Accordingly, Neal & Massy now wishes to advise BS&T Shareholders that it will, after that date, take up and pay for all BS&T Shares validly deposited and not withdrawn from its Offer. Pursuant to the terms of its Offer and Take-Over Bid Circular, Neal & Massy has already provided its Designated Brokers with sufficient funds, and documents representing Neal & Massy Shares, for transmittal to depositing BS&T Shareholders in settlement of the consideration payable for those BS&T Shares which have already been tendered pursuant to the Neal & Massy Offer.

Neal & Massy takes this opportunity to thank the Shareholders of BS&T for their unwavering support and patience throughout the Take-Over process and looks forward to welcoming you as Shareholders of Neal & Massy.


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

Neal & Massy Holdings Limited (“Neal & Massy”) wishes to advise the Shareholders of BS&T that on the 13th day of February, 2008 the High Court of Barbados by consent ordered that any Shareholder of BS&T who did not tender his, her or its shares to the Neal & Massy Offer and Take-Over Bid prior to the 17th day of December, 2007 shall be entitled to do so on or before 4 p.m. on the 29th day of February, 2008 and that Neal & Massy must take up and pay for any such BS&T Shares on or before the 14th day of March, 2008 upon the same terms and conditions as are contained in the Neal & Massy Bid as modified by the Order.

In the circumstances, BS&T Shareholders who now wish to tender their BS&T Shares to the Neal & Massy Offer must complete and execute the Revised Acceptance and Transfer Form which accompanied Neal & Massy’s Notice of Change and Variation dated 18th October, 2007 and deposit it, together with a copy of a statement, confirmation, document or other proof of the accepting Shareholder’s beneficial ownership of the BS&T Shares, with the Designated Brokers.

Questions and requests for assistance may be directed to any of the Designated Brokers.

Additional copies of the Revised Acceptance and Transfer Form may be obtained without charge on request from the Designated Brokers at their respective offices shown below and are also available online at www.neal-and-massy.com.

The Designated Brokers are as follows:

In Barbados
BNB Finance & Trust Corporation
Independence Square,
Bridgetown,
Barbados, W.I.
Telephone: (246) 431-5926
Fax: (246) 429-8389
E-mail: rlehunte@bnbbarbados.com

OR

In Trinidad and Tobago
Republic Securities Limited
Briar Place, 1st Floor
10 Sweet Briar Road,
St. Clair,
Trinidad, W.I.
Telephone: (868) 622-8581
Fax: (868) 628-1364
E-mail: inarine@republictt.com


Source:
Neal & Massy Group
Monday February 18, 2008