Emera About To ‘Steel’ Barbados Light & Power Co Ltd

Douglas Skeete

Accountant and head of the local corporate shareholders group Douglas Skeete expressed surprise in the news today at his findings after he did a quick and simple analysis of Barbados Light & Power (BL&P) balance sheet to determine the book value of its shares. One would have thought given his role as an Intervenor in the recent Fair Trading Commission (FTC) BL&P Hearing he would have been more than intimate with the disparity in BL&P’s book value per share and share price. After several days of discussion, the public is now being made aware by local commentators that simple analysis shows that the book value of BL&P shares maybe easily located in the $40-$50 range. We have been told the results of a study will be made public shortly to more accurately determine BL&P’s book value per share. The offer of $25.00 by Emera against the foregoing should now make for more interesting discussion.

On the 21 December the BU family would have been apprised by a source of the revelation which Douglas Skeete announced today:

BL&P, at $12.50/share, is valued on the BSE at $BDS 214m. At $BDS 25/share Emera are suggesting BL&P the company is actually worth $BDS 428m. Why this apparently generous price? Take a look at the 2009 BL&P’s accounts. Net asset value (ie all its assets minus all its liabilities) is sitting around $BDS 620M. Or something north of $BDS36/ share.

So on the face of it Emera are asking for a 30% discount on the intrinsic worth of the company. Course, some risk must be factored in – political (inc regulatory) for example – but Emera may actually be removing the other risk associated with current limited liquidity. Once wrapped up in the Canadian balance sheet any eventual resale ought to be greased by the higher liquidity an easier-to-sell structure offers.

The second point made by Douglas Skeete today in the news was to refute Rawdon Adams’ claim that BL&P is a national strategic asset. BU may not be able to offer a position with the eloquence of Rawdon Adams supported by the financial know how of Douglas Skeete but we pride ourselves on using heavy doses of commonsense. A government can deem any asset in the country to be strategic based on its strategic thinking or plan. At a critical juncture in our history where the push is on by the government to build out alternative energy programs, BL&P as the monopoly for power generation and distribution in Barbados must be seen as a strategic asset. Whether it is believed by Skeete and others that Emera can do the job becomes moot.

The final point raised in the news today was the questioning by Malcom Gibbs-Taitt of the role of Sir Neville Nicholls as Chairman of the Fair Trading Commission and Barbados Securities Commission. Douglas Skeete was quick to offer the position that to question the capacity of Sir Neville to deliver a professional decision in both capacities is wrong. BU begs to differ. BU believes Sir Neville’s refusal and the authorities to recognize that a clear conflict of interest exist in his continued roles as Chairman of the FTC and BSC is an insult to Barbadians. Here is how Wikipedia defines Conflict of Interest:

A conflict of interest (COI) occurs when an individual or organization is involved in multiple interests, one of which could possibly corrupt the motivation for an act in the other.

The emphasis on the word possibly is BU’s.

Barbadians will be observing closely how government decides on its NIS share holding in BL&P.  The fact that Emera sent home 78 workers last week Friday maybe of passing concern to the management of BL&P.


  • Charles S.Cadogan Sr

    I am going to say it again BLP need to stay in the hands of BARBADOS and not the hands of any outsiders; I don’t see it to give control of the only power plant that you have to an outside source who will be able to do just about anything they want to;
    49% YES, 100% NO.


  • A Government can “seize” a power plant in the interest of National Security.
    Methinks the Canadians need to reassess the risks if they don’t play nice.


  • This guy Douglas Skeet, heard a bit of him on the radio today on Brass Tacks. Any professional who is prepared to let the likes of David Ellis out talk and outshine him is truly an ass worthy on scorn and dismissal. His comments on BL&P and the FTC and the wearing of two conflicting hats by the eminent member of the Jack Ass community were off base and brown nosing and somehow he is mek it easy to assume that he is acting as an agent for some entity.

    Dismiss this Ass …!



    In any event I really don’ care who owns the blasted company as long as I have some faith in the protection agencies (like the FTC) to work in my interest … (Oh shite, I faget that it being Chair by the eminent member of the Jack Ass community, a community that serves only corporates and corporates alone …My God)


  • By the way knowing the board of National Insurance, they have a strong and undying Nationalistic instinct … Shite, somebody pinch mah …


  • Carson C. Cadogan

    The Barbados Light and Power must not fall one hundred percent into the Hands of overseas investors. The Barbados Light and Power is a Strategic National Asset.

    As mention before someone on this blog mentioned that the true value of Barbados Light and Power shares may be around $36.00. Therefore EMERA is asking a discount price for it’s shares.

    Barbadians will be robbed if they accept the $25.00 per share.

    Be careful with recommendations from the Management of Barbados Light and Power company if they say sell your shares, they stand to make MILLIONS OF DOLLARS from any sale. They are not acting in the interest of Barbados, they are acting in their own selfish interest, bear that in mind.

    The Democratic Labour Party Government must not sell the NIS shares in Barbados Light and Power Company.


  • @Carson

    Please note we have the FTC which is responsible for ruling on rate applications. Emera cannot arbitrarily increase rates.


  • David;

    Do “we” really have the FTC? Who is the we that you speak of?


  • Carson C. Cadogan


    Do you have any leaked documents in your possession which can throw any more light on this proposed sale?

    I am sure that Canada has an equivalent FTC, yet EMERA’s rates are still the highest.

    The fact that Barbados has the FTC does not reassure me, if past experience is anything to go by.


  • Carson C. Cadogan

    A. Freeman | January 8, 2011 at 12:48 PM |

    This information compliments:-

    “- Frank McConney, Director: 62,498 shares
    – Andrew Gittens, Director: 49,012 shares
    – Peter Williams, Director: 25,884 shares
    – Richard Edghill, Director: 3,000 shares
    – NIS: 3,979,388 shares
    – Sagicor Group: 1,322,238 shares”

    Multiply these shares by $25.00.

    Greed is begining to set in, not National Interests.
    The shareholders in the Dominican Republic did a similar thing, now they are plague by rolling blackous and not a thing they can do about it.

    The new owners say that they must do this in order to make MONEY.

    An old teacher once told me that a word to the wise is enough.


  • Talk is cheap, however money talks. If Bajans want to keep BL&P it’s simple, make an offer for all standing BL&P shares that is greater than EMERA’s.

    You should note however that NIS is holding some 3,979,388 shares that at $25 per share is worth $99,484,700.00Bds. This number looks good to a cash strapped Barbados Government coffers.


  • It should be noted that it is the fiduciary duty of directors of any public company to maximize the returns for their shareholders. The directors have no such obligation to their consumers.

    I spoke to a friend of mine who is a long-term minority shareholder in BLPH. He said he was waiting to see what the larger (institutional) local holders were going to do, but if they sold their shares he said he would as well.

    Short term gains should never outweigh long-term losses or risks.

    As soon as BLPH is 50% plus one share in the control of a foreign entity, the game is over (IMHO).


  • @Chris

    Are you saying that government through its NIS shareholding should not* sell to Emera?


  • @David et al.

    Yes. That is what I am saying.

    As an aside…

    Can anyone tell me, from the BSE’s website (http://www.bse.com.bb/) when the last trade of BPH occurred, at what price, and what the current bid and ask prices are?


  • @Wily Coyote: “If Bajans want to keep BL&P it’s simple, make an offer for all standing BL&P shares that is greater than EMERA’s.

    There’s another option: Bajan’s who hold BPH shares don’t *have* to sell them. Simply don’t.


  • Carson C. Cadogan

    Wily Coyote

    “….$99,484,700.00Bds. This number looks good to a cash strapped Barbados Government coffers”

    This is the meat of the matter.

    Dangle a few millions in front of a stupid Black Government and they will grab it with both hands. This is the real thinking of the Barbados Light and Power Company’s Management. This is how they are advising EMERA.

    You all think that this Democratic Labour Party Government is hand to mouth so this “offer” will be certain to catch them.

    Stupid Owen sold the land. Now it is the turn of the Democratic Labour Party to sell the Power Company seems to be the thinking.

    You will be in for a rude awakening.


  • @CCC: “Dangle a few millions in front of a [deleted] Government and they will grab it with both hands. This is the real thinking of the Barbados Light and Power Company’s Management. This is how they are advising EMERA.

    I rarely agree with you CCC, but on this I do.

    All should please consider which party in power at the time (and now) sold controlling interest in Cable and Wireless (telecommunications) to foreign entities for short-term gains.

    And how much does it cost you each month to simply talk?

    Please don’t let them make the same mistake again with regards to your electrical power supply….


  • Carson C. Cadogan

    “Rawdon Adams on the Barbados Light & Power fire sale”

    Over at BARBADOS FREE PRESS is an article by RAWDON ADAMS the son of former Prime Minister TOM ADAMS.

    RAWDON is bitterly opposed to the sale of the Barbados Light and Power Company to overseas interests.



    Former Prime Minister TOM ADAMS produced a very wise young man in RAWDON ADAMS.

    We need more like him.


  • Carson C. Cadogan

    The Barbados Light and Power Company’s Management really think that the people of Barbados are stupid. They just went to the FTC asking for a raise in order to buy new equipment to improve the electricity supply.

    However instead of doing that they are looking to sell the company. My belief is the Barbados Light and Power Company’s Management were asking for this raise for EMERA.


  • Carson C. Cadogan

    Thoughts on the BL&P offer

    by Rawdon Adams


    Come January 24, Barbados Light & Power Holdings (BL&P) is set to pass into foreign hands.

    In an era when some nations block foreign takeovers of even yogurt makers on the grounds that they are “strategic assets” (as France did when Pepsi wooed Danone in 2005) it is surprising to see the truly strategic BL&P up for sale to a foreign buyer with so little reaction from the Barbados Government. It does, after all, control nearly one quarter of the company’s equity via the National Insurance Scheme (NIS).

    This is not an ideological position (as was the case with the strategic yogurt). Nor is it a chauvinistic one – BL&P is a utility which has already spent long periods under Canadian control. Rather, it is about voluntarily relinquishing, or potentially relinquishing in the absence of safeguards, powers to optimally balance public good against private, monopolistic enterprise in the furtherance of national development.

    Indeed, how Barbadians came to majority ownership of the utility in 1980 is principally a story of government investment in a private company for the purpose of national development. That kind of control was necessary to deliver a net public benefit – and who is to say it will not be needed again?

    As Canadians recognised last year when blocking the takeover of Potash Corporation by BHP Billiton as not in the country’s interest some assets require persistently heavy, taxpayer-funded capital investments over many years before emerging (perhaps) economic, or “strategic” or of net public benefit. Potash exploitation fits that bill. As does building long-term energy infrastructure. Stepping in once the costs have been sunk is an understandably attractive option for buyers.

    Still, the offer does seem generous – the local bourse prices BL&P at less than $13 per share and Emera is ready to pay $25.70 per share.

    There are only two ways to value a company: either on a fundamental basis, by toting up its assets and taking away its liabilities to arrive at its net asset value (NAV); or on a relative basis – that is, compared to similar (or alternative in this case) investments. Everything else is negotiation.

    If one were to build a BL&P from scratch, not only would it take years, it would also cost over $36 per actual BL&P share as per the aforementioned NAV calculation. $36.26 to be exact – and it is against this number that the $25.70 must be measured.

    Local investors were obliged until now to consider the merits of BL&P on a relative basis. For most this means comparing the dividend yield relative to others on offer locally. There was little point in looking at net assets for there has not, pre-Emera, been an interested buyer rich enough to realise anything near the replacement cost of a small-island, monopoly utility with limited growth opportunities.

    The Government, on the other hand, is not obliged to consider the value of its investments in either way: it must consider more than the impressive 30% discount to NAV Emera is asking against full control; more, too, than the windfall for the NIS. The primordial issue is in fact whether the state is about to subcontract out some of its fate that it had hitherto been crafting itself.

    In another age a government of the ascendants of the French yogurt makers above was described as having forgotten nothing and learnt nothing – ultimately to its cost. Let history instruct in this New Year. Perhaps this transaction is truly of net public benefit. But at least have a parliamentary and national debate worthy of the name.

    Rawdon Adams


  • All of you are making fundamental mistakes. Why should a small shareholder sacrifice his interests for the good of all Barbados? Why can’t the effort be broad based?

    If an action is in the best interest of the entire island then the response should be national not borne by 3,000 individual stockholders.

    Secondly an asset is only worth what you can dispose of it for. The stock exchange says BLP is worth $12 per share. All of the idiots talking about northward of $36 should tell others if they would be willing to buy BL&P shares at $35 per share.

    Other idiots espoused that they would like to see a share swap with Emeera. If people want a share swap nothing is stopping them from buying Emeera’s shares on the open market.

    People invest primarily to make money. This is a money making opportunity too good to pass up. Let the regulators do their job and vigorously regulate the entity and Barbadians will have little too be worried about. Force the company to adhere to the law and the performance standards. If they don’t then penalize them to the full extent of your power under law.

    I don’t see Douglas Skeete offering to buy shares at $25 per share to thwart Emeera. If 100,000 Bajans or expats decided that they would buy 40 shares or $1,000 worth of shares at $25 each they could put a significant dent in Emeera’s plans. People wouldn’t be willing to do that and use their money but expect 3,000 small shareholders to hold strain for them.


  • @Ginnigan: “All of you are making fundamental mistakes.

    Thanks for that input Ginnigan…

    Might we, as a sovereign people, make our own decisions, without pressure?

    Might we, as a sovereign people, disagree with what we are told we have to do?


  • Shareholders are required to indicate their decision to sell or not to sell by 24 Jan, 2011. Is it too much to ask the government of Mr F. Stuart to show some leadership and indicate its position (as one of the largest shareholders of Light and Power) well before then? if the Government sells then I will be selling. If the Government refuses the offer, I may hold onto my shares.


  • Here is an issue both parties should be treating as a platform issue. Perhaps more an issue for the BLP than the DLP.


  • If the directors decide to recommend that the $25.70 be accepted, they could at least explore an alternative offer, possibly from a consortium of Barbadian entities (NIS, Sagicor, Credit Unions, Sir Charles, Sir David, Sir Kyffin).


  • If the information has not been posted as yet, according to the BSE, the last LPH trade was on November 17, 2010 for 1,122 shares at $12.


  • @A. Freeman: “…according to the BSE, the last LPH trade was on November 17, 2010 for 1,122 shares at $12.

    Where did you find this on their web site? Where can I (and others)?

    The whole point of a Stock Exchange is easy public access to near real-time information.


  • Christopher
    -Go to: http://www.bse.com.bb
    -Select: Reports
    -Select: Trade or Summary
    -Select current report, Jan 11, 2011 (to see day’s activity and last trade dates)
    -Return to reports and select applicable month and year for last trade, assuming no current day trade was made


  • @A. Freeman… Thanks for that. Interesting…

    PDF format only… And no graphs.

    No wonder the BSE is illiquid….


  • Didn’t the BSE spend a lot of money recently to move from “Chalk Board’ to and electronic setup?


  • Jesus H Christ … A. Freeman (January 11, 2011 at 5:38 PM )

    You don’ feel dat Sir Charles, Sir David, Sir Kyffin (Bizzy and Berkahm) own and control enough ’bout hey…? I would rather a Canadian group own this company than gift these people yet another opportunity to exploit Bajans …


  • @Freeman: “If the information has not been posted as yet, according to the BSE, the last LPH trade was on November 17, 2010 for 1,122 shares at $12.”

    I don’t know how you got the above. When I checked, someone Bib the below (15,000 @ $20.00) on the 17th; to sell @ $25.00 or higher a few weeks later; and it wasn’t Martha Stewart. (See below from the same link); I wonder who died and went to (you know where). If this is not “insider trading” I don’t know what is.

    “Light and Power Holdings Ltd 5.5% Pref 06-Jul-10 $3.11 /$3.11 Bid: $3.11 /Quan: 4,000”
    “Light and Power Holdings Ltd. 17-Nov-10 $12.00 /$12.00 Bid: $20.00 /Quan: 15,000”

    Clearly the LPH keeps (2 sets of books) and got caught out there by EMERA. One set for Barbadians to pay the a dividend on $12.00 annually and EMERA really saw the intrinsic value and bib high enough as to not have any counter offers; but by doing so, exposed their hand.


  • deMarlehole
    I think your mistaking the change of bid price in system to be insider trading when it only change to 20 on dec 24 2010. It Seem that someone has put in a bid to acquire shares @ 20 on that date. Note that the bid price changed to 12.00 when share where bought for 12 dollar on nov 17 2010.


    Click to access 20101117.pdf

    for nov 17 2010 bid price is 12

    Click to access 20101223.pdf

    for dec 23 2010 bid price went up by a cent

    Click to access 20101224.pdf

    for the change of bid to 20 on dec 24. and it still same price today just noone want to sell.


  • @Anthony: Thanks for not holding me to the typo “Bib”. However, the point which I did not make clear is, some “genius” on the 17th made a bid for (15,000 shares @ 20.00) knowing an offer will be in the works for (x amount @ 25.00) to walk with an additional (15,000 shares @ 25.00), I’ll do the math $375,000 – $300,000 = $75,000). There are just a few people will be privy to that information. (That my friend is insider trading) certainly in the USA, Ms Stewart went to jail, and it wasn’t even the glaring.

    If I may comment now on the actual sale on the entity, and to A. Freeman’s point of selling to a “consortium of Barbadian entities (NIS, Sagicor, Credit Unions, Sir Charles, Sir David, Sir Kyffin).” They know how to make money. What does anyone or all of them know about running a power plant? I say; Barbados, Welcome to the “Big leagues!” Emera Inc knows how to do this stuff. What Barbados will now be exposed to is full use of alternative technologies (Solar, Wind, Natural Gas, etc). Do you know how I know? They’ve done it before.

    Here is a link to their website http://www.emera.com/en/home/default.aspx and what they say; “Our investments will involve new technologies that improve the existing electric system.”

    Let the Directors get their reward.

    F. O. McC 62,498 @ 25.00 $1.56m
    A. A. G 49,012 @ 25.00 $1.22m
    P.W.B.W 25,884 @ 25.00 $0.65m
    R.L.V.E 3,000 @ 25.00 $0.08m

    Then why shouldn’t the government and others get theirs:

    N. I. B 3,979,388 @ 25.00 $ 99.4m
    Sagicor 1,322,238 @ 25.00 $ 33.0m
    C. I. P. C 6,592,351 @ 25.00 $164.8m

    What would Mr. Douglas Skeete say to the Mr. Thornhill, Mr. Piggott and the other rank and file employees who have put in over 35 and 40 years and about to retire, don’t take your windfall and go home with a “gold pen or recliner” That’s why the game is played, it’s called “opportunity” and played on the field of life.


  • @deMarlehole: “What does anyone or all of them know about running a power plant?

    Nothing. But, they don’t need to. They are investors, not managers of the Company.

    @dMh: “Emera Inc knows how to do this stuff. What Barbados will now be exposed to is full use of alternative technologies.

    But… Emera own 38% of the Company. Do you think they’re going to withhold their expertise if they don’t own 100%?

    @dMh: “What would Mr. Douglas Skeete say to the Mr. Thornhill, Mr. Piggott and the other rank and file employees who have put in over 35 and 40 years and about to retire, don’t take your windfall and go home with a “gold pen or recliner”

    As the fictional character Spock from Star Trek once said: “The needs of the many outweigh the needs of the few.


  • @All… Below is my personal opinion. Please do not take it as investment advise without further consultation with your investment advisor.

    As has been observed, BPH last traded on the BSE at $12.00 BDS.

    Emera has an offer on the table for all outstanding shares for $25.70 per share.

    But, it has been suggested this offer is actually requesting a discount for the true value, and the shares may actually be worth $30 to $40.

    So, may I please suggest that the “smart money” may turn down the offer from Emera since all future trading on the BSE for BPH will likely be for at least $25.70.

    Caveats: the above assumes that BPH will continue to trade on the BSE. And that the BSE realizes liquidity in the future.

    A stock market is *supposed* to naturally determine the true value of a stock because of active trading.


  • Carson C. Cadogan

    deMarlehole | January 12, 2011 at 10:36 AM |

    Spoken like someone who puts greed ahead of everything else.

    We are indeed blessed that you are not Prime Minister of Barbados. You would sell everything that you could get your hands on. You would put Owen “see thru” Arthur in the shade.


  • Carson C. Cadogan


    This is why the people of other races have little respect for Black people. They can clearly discern from people like you that few of them have any substance at all.

    As I said earlier, just dangle a few dollars in front of stupid Black people and sit back and watch the feeding frenzy begin, as you are encouraging.

    You are completly missing the big picture or you don’t care about it.

    Your silence is more important than your comments.

    Sell out all the other people in Barbados so that Mr. Piggott does not go home with a Gold Pen.

    You are just plain disgusting.


  • What we are witnessing here is the challenge which arises from managing a society i.e the needs of individual citizens colliding with national priorities.

    In situations like this leadership is required at he national level.


  • @BU.David: “…the needs of individual citizens colliding with national priorities.

    With all due respect, you are leaving out amoral private interests who’s sole objective is for short term gain.

    @BUD: “In situations like this leadership is required at [t]he national level.

    To that statement I strongly do *not* disagree.


  • Thanks for not holding me to the typo “Bib”. However, the point which I did not make clear is, some “genius” on the 17th made a bid for (15,000 shares @ 20.00) knowing an offer will be in the works for (x amount @ 25.00) to walk with an additional (15,000 shares @ 25.00), I’ll do the math $375,000 – $300,000 = $75,000). There are just a few people will be privy to that information. (That my friend is insider trading) certainly in the USA, Ms Stewart went to jail, and it wasn’t even the glaring.

    Ok maybe I wasn’t being cleared.
    The bid price change to the 20.00 on December 24. There was no insider trading. For proof just use the link i posted for the Dec 23 and 24. The person just seems to want to make a quick buck with some excess cash they have around.


  • In my opinion, the senior executives of LPH might have done a disservice to the shareholders by failing to “manage” the share price, through, for example, highly visible quarterly briefings of key statistics (which could have highlighted, in addition to the performance and outlook, share related information such as the very book value vs. trading price) and stock splits. They had “gem” and should have flaunted it for the benefit of their shareholders.


  • Perhaps we should have kicked up just as much fuss when T&T took over the People’s BNB.


  • Some people invest their funds in the building Apts. or other revenue earning properties; some people deposit their money in Banks and a few buy shares, all of the aforementioned hope to reap some benefit from their investments if and when they liquidate them. If I bought shares and have an opportunity to sell them at a profit who will deny me that right? If the price of the shares declined and I sold them would that be alright?

    All Bajans can appeal to the Gov’t that it is not in the national interest to sell its shares in BL&P but they shouldn’t be requesting the same of private citizens. Every citizen has the right to explore all opportunities to improve the lot of their lives and by extension their families.

    No one has the right to tell them how and when they should dispose of their personal assets.


  • Carson C. Cadogan


    You and demarlehole must be brothers.

    Both of you talking the same foolishness.


  • CCC

    No, we are not brothers we just happen to live in the real world


  • Tek my foolish advise …. NOW is NOT the TIME to CASHOUT anything … Cash is dying … FAST …!

    I surprised that the run on Banks and Credit Unions has not already started … Wanna gun wait fah 2012 so as to give Georgie and de other Christians the chance to say “It was foretold …!”


  • “The Directors have had the benefit of the advice of an independent firm of expert valuers and have relied on their assessment and all other known considerations and in all the circumstances including the current state of market conditions, locally and regionally, consider the price offered by Emera (Barbados) Holdings No. 2 Inc. to purchase all of the remaining common shares of Light & Power Holdings Ltd. to be fair and merits acceptance. However, shareholders may also wish to obtain their own advice before acting on the directors’ recommendation.”

    Over to the Barbados Government/NIS


  • Has the independent valuation of the shares been made public? If so what is the BL&P share worth?


  • KPMG provided a 6-page Fairness Opinion. In summary, the Emera offer of $25.70 is approximately $8.00 below KPMG’s assessment of the fair market value.


  • Do you have link to the report freeman ?


  • No – only a hard copy.


  • 😦 ok. i don’t suppose you have access to scanner so you could post it?


  • I hope Government has done due dilligence on Emera.

    You can’t give ownership and control of your only Electricity provider to a foreign company unless you are sure that they
    are well financed and insured.


  • Unfortunately, I do not but expect it to eventually show up here http://www.blpc.com.bb/watts_display.cfm?ID=105.


  • Carson, why are Marle and Sargeant talking foolishness? Why can a private citizen not sell his shares at will?

    Secondly, people were not so excited about Government selling everything else, including land to all and sundry.

    Thing is, Hants is correct that the appropriate due diligence must be done on the buyer. Other than this, there is not much of an argument, because guess what?

    There are only a limited number of electric companies and contrary to some of the recommendations some of you made, no bajan consortium is anywhere near qualified to run an electric company.

    One can only see to a company willing to buy.l would take KPMG’s valuation with a pinch of salt.

    A car dealer can value your car at 50 thousand, but no one pays that value buying it, you will get offers from 38 to 45 thousand, but no one will pay the ‘valuation’.

    The important issues are:

    – is Emera sound and profitable
    – does Emera have a good environmental and employee reputation
    – does Emera have a decent market share in its core business and region and does its viability appear sound
    – has Emera ever held a foreign subsidiary and how has that venture developed
    – has Emera the latest technologies and what is its pricing comparable to other similar companies
    – will current legislation adequately protect Barbados interests in the event that Emera decides to radically change structure or decides to pull out?

    Those are the issues, IF the investors decide that their return is now adequate, there is nothing else than those.


  • According to Minister Benn, on Brasstacks Sunday, the Government/NIS will not sell the shares held in LPH, subject to confirmation.


  • @A Freeman

    Would want to wait for a confirmation from the substantive minister, Benn seemed mighty unsure.


  • Carson C. Cadogan


    The Management of the Barbados Light and Power company have advised shareholders to sell all their shares in the strategically important Bajan asset to canadians.

    This decision will make the Management of Barbados Light and Power company very wealthy men indeed. However the nation Barbados will be very poor as a result.

    So no one really expected them to advise the shareholders otherwise as they stand to gain so much personally.

    I am also sure that there was arm twisting by the people of EMERA.

    The pillaging of Barbados continues apace.

    But who the hell cares!


  • We hear clyde say not to sell the shares. One wonders what chris will say on monday morning.


  • My understanding is that no one entity currently controls Sagicor Financial Corporation. If and when a move is made to gain control, what quality of representation can the shareholders really expect from the Board of Directors? Recent events suggest mediocre:
    – Recent sale of Sagicor shares to one entity rather than a rights offering to existing shareholders
    – Recent convertible debt financing secured by Banks Holdings Limited rather than a rights offering to existing shareholders
    – Recent move to have Barbados Dairy Industries Limited delisted, while shares are still held by minority shareholders
    – Recent recommendation to shareholders to sell Light & Power Holdings shares below the assessed fair value
    – Possibly other instances as well

    Are the CEOs and Directors of our major Corporations mediocre at best, able to be tough with only the employees and their unions?

    Why do Barbadians prefer to place their money on bank accounts for less than 2% interest?


  • What year did NIS purchase the BL&P shares? What was the price per share?


  • Unfortunately, I can only say that the NIS held most of its LPH shares prior to Dec 31, 2003 (http://www.blpc.com.bb/Photos/Corporate_Information.pdf). Older LPH reports may help to identify the year or even the major NIS purchase of LPH shares, but those before 2003 are not posted on the Internet. You probably need the NIS to provide such information.


  • In 1977 nis bought 300,000 shares
    In 1998 was the conversion to L&P holding then the NIS has 28% of shares from what i can find share price was 4.16 with outstanding shares at 14,509,559. giving nis about 4 millions shares with that percentage.
    In 2003 nis had 3.3 million shares.
    In 2006 the Nis bought little over 660,000 shares in L&P holdings


  • Carson C. Cadogan

    Grand Bahama Power Company CEO resigns

    FN Senior Reporter

    The Grand Bahama Power Company’s announcement yesterday of CEO Alan Kelley’s resignation was unexpected, according to Commonwealth Electrical Workers Union (CEWU) president, and now they intend to forge ahead with the new management team.
    Kelley’s resignation was effective March 16, 2010, and, according to the company release, he intends to pursue other opportunities in the United States.
    Kelley joined the Grand Bahama Power Company in (GBPC) December of 2009 and led the company under the direction of former majority owner Marubeni/Taqa.
    Emera executive Ray Robinson will continue to lead the organization in his role as executive chairman of the GBPC and will begin the process to recruit a new CEO immediately, the release stated.
    The engineer has been working on Emera’s Caribbean business for some time and joined the Grand Bahama team back in February.
    Robinson was to concentrate his efforts on the building of the new diesel plant and a comprehensive technology-training plan for Bahamians, among other responsibilities.
    “We thank Mr. Kelley for the contributions he has made to the business over the last 15 months,” Robinson said in the release. “I look forward to working more closely with the GBPC team to revitalize the utility for the benefit of the citizens of Grand Bahama and The Bahamas.”
    Emera Inc. is a Canadian energy and services company which operates throughout northeastern North America, in three Caribbean countries and in California.
    In late September 2008, the company initially purchased 25 percent of the shares in the GBPC for $41 million before becoming the majority owner with an additional 55.4 percent for $82 million.
    That acquisition brought Emera’s interest in the GBPC to 80.4 percent.


  • Tell EMERA…..Go shove it!…..How dare them approach The FTA for an increase?……Where is our LEADER?….this is bare S


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