'BS&T
share deadlock frustrating'
Port Spain
Petroleumworldtt.com
01 06 08
A senior executive of the Neal & Massy Group, that is now deadlocked in
a legal battle with the ANSA McAL Group for the purchase of shares in Barbados
Shipping and Trading Company (BS&T), has described the entire situation
as "frustrating".
Neal & Massy Energy Business Unit executive
chairman Gervase Warner said the BS&T drama
demonstrates "the need for a more dignified
leadership throughout the Caribbean".
Warner raised the issue while delivering an address
at the Sixth Annual Caribbean MBA Conference at
the Hilton Trinidad hotel, St Ann's.
Warner
was speaking of the history of the Trinidad and
Tobago social service organisation Servol (Service
Volunteered for All) and its philosophy of ignorance
which involves "not assuming but asking people
what their needs are and what type of help they
want".
"So you might by asking okay, interesting,
but how is this all relevant to us. Well let me
paint at least a little bit of a picture that I
understand, anyway of what's happening broadly
in the Caribbean... I think there was some mention
of Neal and Massy's experience in Barbados which
is quite frustrating," Warner said.
"I will not dwell a whole lot on that but
it does point to the need for, I think, a different
type of leadership and a more dignified leadership
throughout the Caribbean," he also said.
He made no further mention of the subject during
the rest of his address and told reporters he was
not fielding any questions afterwards.
On
December 18, in a surprise move, ANSA McAL Holdings
filed an injunction in the Barbados High
Court against Neal and Massy from taking up 56.6
per cent of BS&T.
Neal & Massy and ANSA McAL had earlier in
2007 engaged in a corporate battle for the shares
of BS&T but ANSA McAL eventually withdrew its
offer.
When
ANSA McAL did so, Neal and Massy proposed another
offer to the BS&T shareholders for
the acquisition of the company's shares.
The
Barbados Securities and Exchange Commission,
in the latest development on the matter, issued
an Order this week, stating that Neal and Massy
did not act within the law when it made its re-issued
its take over bid for BS&T.
Story
by Juhel Browne from
Trinidad Express
Trinidad
Express
Saturday,
January 5th 2008
Copyright
©2007 Petroleumworld. All Rights Reserved.
