C&W ruling lifted
The court injunction preventing Cable & Wireless (Barbados) Limited (C&W) from cancelling the shares of minority shareholders and delisting from the Barbados Stock Exchange (BSE) has been lifted.
But while disappointed by the ruling, minority shareholders said they would not appeal it. They have decided to concentrate on the class action suit filed against the telecommunications company. Hearings of the suit are scheduled to start in early March.
In a brief statement yesterday, C&W said: “On Friday, 12th January, 2018, in the suit between minority shareholders and [C&W], Acting Justice Alrick Scott dismissed the application of the minority shareholders for an injunction restraining the company from proceeding with the cancellation of the shares of the minority shareholders and the delisting of the company from the BSE. The company is therefore not restricted from going ahead with its plan to delist.”
Senior legal expert for the minority shareholders, Garth Patterson QC of Lex Caribbean, said “after a strenuously fought hearing, the judge was satisfied that, if the minority shareholders’ oppression claim succeeds, it will be possible to restore the minority shareholders to the status as minority shareholders, and to compel C&W to re-list on the Stock Exchange. He, accordingly, did not consider it necessary to grant the injunction”.
Patterson explained: “The minority shareholders’ application for injunction sought to restrain [C&W] from cancelling the shares of those shareholders who wished to remain as shareholders of the company, and to prevent the company from delisting from the [BSE], or from taking any other action that might be prejudicial to the position of the minority shareholders, while the action is pending.”
Commenting on the latest developments yesterday, Rickey Went, spokesperson for the shareholders, said: “While minority shareholders are disappointed by the decision, and have been advised that it could successfully be appealed, we at this stage believe that it is best to concentrate all our energies on the first hearing of the main trial which will be heard on March 7.”
He said minority shareholders who had not yet signed could still legally be part of the class action suit. It was not too late, he added.
A meeting for all minority shareholders, will be held at the Barbados Public Workers Cooperative Credit Union, Belmont Road, St Michael tomorrow at 5:30 p.m. (SC)