LEADING A LOCAL consortium which owns 400 000 Barbados Shipping & Trading (BS&T) shares, Colin Brewer feels "cheated" by the Barbados Securities Commission (BSC) cease-trading order that is preventing Neal & Massy from paying BS&T shareholders who have tendered their shares.

Although he did not admit to tendering the consortium's BS&T shares to Neal & Massy, Colin Brewer told BARBADOS BUSINESS AUTHORITY
he was worried that the transaction would be prolonged to the detriment of BS&T value and shareholders.

"Senior management will feel that it is unable to make its own decisions to develop the company. They will be in a holding pattern and if that position remains for
a significant period it could only have a negative consequence on the share price and on the value of the company," Brewer declared.

"The energy of the management, the commitment to make profits and to realise returns for their investors would be dissipated in this holding pattern that is not good for business," he added.

The IPL consortium acquired nearly a half-million BS&T shares for $3 million, having offered up to $7.50 per share last year for a stake in BS&T.

"Very great damage to investor confidence," was Brewer's assessment of the BS&T takeover saga. (SR)