BSE delists Sunbeach

THE?BARBADOS?STOCK?EXCHANGE (BSE) has delisted telecommunications company Sunbeach Communications Inc. from its trading board after more than 16 months on suspension.
Sunbeach was first listed on the BSE junior market in August 2002 and has never paid a dividend to its hundreds of shareholders.
Marlon Yarde, BSE general manager and chief executive officer, told BARBADOS BUSINESS AUTHORITY on the weekend that the company had been unable to meet all the requirements of its listing and the BSE board of directors took the decision to delist Sunbeach under Section 38 of the Securities Act.
“The Barbados Stock Exchange wrote to the regulator – the Securities Commission – requesting a delisting order of Sunbeach Communications,” he explained.
That order was given late last month and the delisting takes effect tomorrow.
Asked if the move was to ensure the credibility of the BSE, given the roller-coaster history of the local telecommunications company over the years, Yarde said, “The role of the stock exchange is to facilitate trading on the board of the exchange thereby allowing investors an opportunity to create wealth.”
He cited the recent offer of Canadian company Emera to shareholders of Light & Power Holdings (L&PH) for all their shares at $25.70.
The offer is twice the L&PH shares’ last traded value of $12 and Yarde said these shareholders would gain significantly “if they so choose to capitalise on their investment”.    
In a recent interview, Barbados Association of Corporate Shareholders interim president Doug Skeete called on the BSE to move swiftly to delist Sunbeach. According to Skeete, the company had more than a year to reorganize its operations and had failed too many times over the years on promises to shareholders to deliver a cellular service.
A BSE notice Friday stated: “Pursuant to the rules of the BSE and the order of the Securities Commission, the shares of Sunbeach Communications Inc. will be delisted from the board of the BSE on January 11, 2011.”
Sunbeach Communications Inc. last traded August 7, 2009, at 15 cents each.
One investor who purchased 1 000 shares during the initial public offering said he was discouraged by the turn of events. “When this was first promoted, I could have done something else with the money but I wanted to be a part of the process,” he noted.