The possible purchase of a company in St Lucia by Barbados Shipping & Trading (BS&T) is at the centre of a war of words among some members of the boards of directors of BS&T, Neal & Massy and ANSA McAL.

It was the bid to purchase The Minvielle & Chastenet Group of Companies (M&C) in St Lucia by BS&T that was identified as one of the reasons why ANSA McAL withdrew its takeover offer for BS&T.

However, BS&T chairman Sir Allan Fields said BS&T had not entered into an agreement to buy M&C but was merely undertaking exploratory work.

He said BS&T was among three companies shortlisted by an accounting firm to bid for M&C.

The MIDWEEK NATION has been informed the other two included an unnamed Barbadian company and ANSA McAL.

Moreover, Sir Allan said BS&T had verbally notified both ANSA McAL and Neal & Massy of its plans to possibly acquire the St Lucian company.

Sir Allan made it clear there was no collusion between the BS&T and Neal & Massy boards when it pursued plans to try to buy the St Lucian company.

However, yesterday president and chief executive officer of ANSA McAL (Barbados) David Inglefield said: "If in fact there was verbal communication between an officer of BS&T and an officer of ANSA McAL, that in the context of a takeover bid does not constitute informing."

Furthermore, Inglefield said ANSA McAL also withdrew its offer because of the hostility of the BS&T board toward its offers to purchase as well as the fact that up until Monday, only five per cent of BS&T shares had been pledged to them while Neal & Massy was in control of 28 per cent.

"It seems very unlikely that ANSA McAL
would in fact get
to the 50.1 per cent.

"We felt it was important that shareholders had the opportunity to withdraw their shares in time and pledge to Neal & Massy," Inglefield added.

"We also felt that (in) the BS&T directors' circular of October 5 the directors remained committed to the position that they were not prepared to treat or entertain us in any form or fashion.

"They, in fact, said they were prepared to accept the Neal & Massy offer for $1.50 less rather than accept the $10 offer and work with ANSA McAL."

According to Inglefield: "We wrote the board formally and asked to meet them . . . and they refused to entertain us. Every single time we took the olive branch to them they rejected it."

But Neal & Massy chairman Arthur Lok Jack rejected the ANSA McAL explanation, saying: "How do you expect to have a friendly board in a hostile takeover bid."

Lok Jack said hostility by the BS&T board did not prevent ANSA McAL
from increasing their offer three times over the past three months.