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BWIA judgment today
Peter Permell, co-ordinator of the BWIA minority shareholders group says he is expecting a fairly large turn out today, at the groups’ second hearing action law suit which would be held before the Honourable Justice Mr Sebastian Ventor at the High Court of Justice, Port-of-Spin at 9.30 am. According to a statement issued yesterday, the law suit was brought against the Minister of Finance pursuant to By-law 26 of the Securities Industry (Take over) 2005. “This action became necessary after minority shareholders rejected the Government’s June 1 2009-20 cents per share takeover bid for their shares,” it said.
Thus, the shareholders served notice that they wished to have the fair value of their shares fixed by the court. However, the Government subsequently failed and/or refused to make the necessary application to the court within the prescribed 90-day period in flagrant disregard of their rights as minority shareholders and the Government’s responsibility as 97 per cent majority shareholder under the legislation, the statement noted. Therefore the shareholders are seeking to inter alia the following relief including an order fixing the fair value of the shares of BWIA and directing the Government to buy out their minority shareholdings at such fair value.
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