See the document which has been circulated to BS&T shareholders advising them not to accept the Ansa McAL offer of $7.00. A number of recommendations have been stated by the Board of Directors of BS&T which seek to support their position. Thanks to that person who sent us the information; we do appreciate it.
Why is BU not surprise at the BS&T posture! This is a warning to Barbados that they are about to see a corporate dog fight which has never been seen in Barbados. A lot is riding on this deal because if Neal & Massy loses it would significantly diminish their presence in Barbados while their arc-rival Ansa McAL would have achieved the opposite.
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About this transaction is not N&M or Mcal or whatever. It is the clandestine nature of how Allan Foeld has gone ablout the deal. I hope Bajans open their eyes!
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“Those crazy bald heads!” Bob Marley
Hello David,
Please allow me to say, Thank you! For sharing the “Directors’ Circular” with me and the people of this blog. I have had a first glance and what’s alarming is the little numbers of shares held by these directors. One can easily assume why they are behaving in this way.
It must be a shock to each other to see how few the numbers of shares held between them. Truth is, there seem to be little incentive; and what’s with Natalie M. Brace, as Corporate Secretary not having any shares, and not even any Options. I hope it’s nothing other than tenure. It seems as though little has changed in Barbados after all these years. I’ll comment on the proposal itself in another post.
deMarlehole~your observation is ours as well. The circular information maybe seen at the BS&T website which has made it its default homepage 🙂 no doubt who the BS&T boys supporting.
Of course you should factor that some Board Members may own shares in other “arrangements” where they have a beneficial interest. And yes Natalie Brace recently joined the company although we don’t accept that as a reason why she should not own at least 500 shares.
Patrick Hoyos in his Broad Street Journal Online newspaper which focuses on business issues ask the question which we have been trying to get answered: How could BS&T ask shareholders to vote for the N&M deal at 5.51 but advise them now that they should do the opposite to the Ansa deal which offers 7.00.
BS&T has been set up to fail by its management in order to allow Neal & Massy an easy take over.
How else would you explain some of the stupid and inexplicable management decisions that have been made over the years.
No question about it.
Anywhere else their directors should be tried and jailed for failing in their fiduciary duty to the shareholders to their own benefit.
Great posting , You absolutely hit the
nail on the head, I just don’t understand why people quite get what you’re saying.
I’m not for sure how many people I’ve talked to concerning this very
thing in the past few days, and they just don’t grasp it.
I as well am involved with cleaning carpets and it is
quite good to see fellows associated this business with similar mentalities and positions
Never the less, Excellent post!