BL&P fairness report in
THE OUTCOME of a fairness evaluation of Light & Power Holdings’ (L&PH) shares will be revealed today to the board of directors of the company that owns and manages Barbados Light & Power Company (BL&P).
Canadian company Emera is attempting a takeover of Barbados’ lone electricity company and so far the board of L&PH has told shareholders not to act on the Emera offer of $27.50 per share. L&PH shares currently trade at $12 on the Barbados Stock Exchange.
BL&P managing director Peter Williams told BARBADOS BUSINESS AUTHORITY a “fairness evaluation” of the share price was being prepared by an accounting firm engaged by BL&P.
Its recommendations will be presented to the board of directors of Light & Power Holdings today, and Williams said shareholders would be issued circulars shortly after.
“Barbadians have the choice now as to whether they are going to sell their interest and, certainly, most people that I have spoken to have made their decision and we have a responsibility as directors to guide them on the financial side, but I think it has more than just a share interest or a shareholding,” Williams said.
The BL&P boss, who is also managing director of L&PH, said he was “very happy to work with the Emera Group”, which he described as “a very good company”.
He added:?“Wherever they have worked, they have invested for the long term and I think it will be a good partnership, but the aspect of Barbadian ownership is something the country has to grapple with when it comes not only to our company but investment in other institutions.” (GC)