Cable & Wireless (C&W) has agreed not to apply to de-list from the Barbados Stock Exchange, nor to cancel the shares held by the minority shareholders named in a class action suit against the company, until the case is determined.
Queen’s Counsel Garth Patterson of Lex Caribbean, had filed an application on behalf of the minority shareholders on November 22, seeking interim injunctions to prevent Cable & Wireless (Barbados) Ltd from taking such action.
At the centre of the group’s concern was a feeling that they were being “forced” to sell their shares as a result of a merger of C&W and Cable & Wireless Barbados, which traded as Flow.
This amalgamation first came to light in July when C&W Barbados announced it had received a proposal from Cable & Wireless West Indies to acquire all shares it did not already own by means of an amalgamation.
Last Friday, Patterson, Bartlett Morgan and Taylor Laurayne of Lex Caribbean, and counsel for Cable & Wireless, Barry Gale QC, acting in association with Sir Henry Forde QC, Laura Harvey-Read and Wendy Straker, appeared in the chambers of acting High Court judge Alrick Scott in Supreme Court No. 9 for hearing of the application. (ES)
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