One of Barbados’ oldest and largest companies is on the verge of an historic departure from the Barbados Stock Exchange.
More than a year after its shares ceased trading in Barbados “until further notice”, with identical action taken on the Trinidad and Tobago Stock Exchange following a transaction involving its Trinidad parent company Neal & Massy Holdings Limited, Barbados Shipping & Trading Company Limited is to be delisted from the BSE.
This, Barbados TODAY learnt, has come following the BSE’s receipt of the required Delisting Order from the Financial Services Commission.
When it occurs the exit will be significant, as the 93 year-old conglomerate was one of a first group of five companies listed on what was then the Securities Exchange of Barbados when it commenced trading on June 12, 1987.
Others joining the Exchange then were A.S. Brydens & Sons Limited, Banks Holdings Limited, Cave Shepherd & Company Limited and Goddard Enterprises Limited
“The Barbados Stock Exchange Inc. wishes to advise that the Delisting Order for Barbados Shipping & Trading Company Limited has been received from the Financial Services Commission. The official delisting date for the issued and outstanding shares of Barbados Shipping & Trading Company Limited will be determined after consultation with the Company,” the organisation said in a notice first issued on Monday.
The BSE simultaneously announced that N&M informed it “repurchased 3,500,000 shares held by its wholly-owned subsidiary, The Barbados Shipping and Trading Company Limited, in the capital of the Company”, also on Monday.
Then yesterday the TTSE said in a notice that “this is to advise … 3,500,000 Ordinary Shares of Neal & Massy Holdings Limited were removed from the Company’s issued share capital effective Tuesday 19 March 2013, thus reducing the issued share capital to 96,246,215 Ordinary Shares. This withdrawal is pursuant to the Company’s acquisition of Barbados Shipping & Trading Company Limited. Please be guided accordingly”.
It was in December 2011 when it was announced that BS&T’s shares were suspended from trading, pursuant to a successful move to merge BS&T’s operations and its then immediate parent company BS&T Holdings Limited, making N&M BS&T’s sole shareholder.
Three months before that shareholders approved a directors decision to merge the two BS&T enterprises, the holding company which was established when N&M purchased the Bajan conglomerate five years ago.
Prior to its suspension from trading in 2011, BS&T last trade date was October 18, 2010, when its shares were valued at $7.58 each. (SC)