Mar 2008 Financial News

NML Press Release

Mar 19, 2008

NEAL & MASSY OWNS 97.04% OF
THE ISSUED AND OUTSTANDING SHARES OF
THE BARBADOS SHIPPING AND TRADING COMPANY LIMITED
(“BS&T”) AND ANNOUNCES COMPULSORY ACQUISITION OF
ALL REMAINING BS&T SHARES


Tuesday 18th March, 2008

Neal & Massy Holdings Limited (“Neal & Massy”) is pleased to announce that, as at the expiry time of the extended offer period on 29th February, 2008, an additional 9,597,415 BS&T Shares were validly deposited to the Neal & Massy offer (“Offer”) to acquire all the issued and outstanding Shares of BS&T not already owned by Neal & Massy.

Neal & Massy has taken up all such BS&T Shares deposited to the Offer during such period in accordance with the terms of its Offer and Take-Over Bid Circular, as amended, (“Offer and Circular”) and the Consent Order made by the High Court of Barbados on 13th February, 2008. Pursuant to the terms of the Offer and Circular, Neal & Massy has 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 such BS&T Shares.

Combined with the BS&T Shares already held by Neal & Massy and the BS&T Shares taken up by Neal & Massy in respect of the period ended 17th December, 2007, Neal & Massy now beneficially owns an aggregate of 73,781,468 Shares of BS&T representing approximately 97.04% of the issued and outstanding Shares of BS&T. The BS&T Shares taken up and accepted for payment under the Offer represent approximately 69.20% of the issued and outstanding Shares of BS&T not already owned by Neal & Massy.

Since the Neal & Massy Offer was accepted by holders of more than 90% of the issued and outstanding Shares of BS&T not held by or on behalf of Neal & Massy, Neal & Massy will exercise its rights under the compulsory acquisition provisions of the Companies Act CAP. 308 of the Laws of Barbados to acquire all outstanding Shares of BS&T not already owned by Neal & Massy. Notices of compulsory acquisition will be mailed shortly to remaining BS&T Shareholders.


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


Source:
The Daily Express, Page 70
Wednesday March 19, 2008