Feb 2008 Financial News

Neal & Massy's $8.50 payout for BS&T shares

Feb 19, 2008

NEAL & MASSY HOLDINGS LTD is paying $8.50 cash to the BS&T shareholders who selected the cash/share consideration, in accordance with its last offer, and not $9.04 per share.

Yesterday, Neal & Massy officials told the DAILY NATION BS&T shareholders must be guided by a consent order issued by the High Court last week which says only after the determination of an independent valuer could Neal & Massy be ordered to match the $9.04 paid to BS&T shareholders on the Trinidad and Tobago Stock Exchange.

The consent order allowing Neal & Massy to take up BS&T shares also binds the local Securities Commission and Neal & Massy to choosing a valuer to provide an independent valuation of Neal & Massy shares to be issued to BS&T shareholders.

Therefore, BS&T shareholders, who tendered before December 17, 2007, will be paid according to the terms of Neal & Massy's last offer.

Furthermore, BS&T shareholders who did not tender before this date will have another opportunity to do so by February 29.

Under the first option BS&T shareholders could claim $8.50 per share for up to 50 per cent of BS&T shares tendered and the remainder of BS&T shares exchanged at a ratio of one Neal & Massy share for every 2.75 BS&T shares, in addition to $1.80 for those remaining shares.

The second offer involves a 100 per cent swap of BS&T shares for Neal & Massy shares at one Neal & Massy share for every $2.75 BS&T shares and $1.80 for every BS&T share exchanged.

The Securities Commission and Neal & Massy must select and agree on the valuer by February 29, the consent order said.

Representatives from Neal & Massy and the Barbados Securities Commission are expected to meet today.


Source:
The Nation News Barbados
Tuesday 19th February, 2008

http://www.nationnews.com/story/294325875609546.php