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Minority Shareholders Snub Cable & Wireless’ offer

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Submitted by Atrue Freeman
Oliver Jordan, Chairman of the FSC

What does it mean that so many minority C&W shareholders have refused to claim the offered compensation for their shares (https://bse.com.bb/news/23569)? Perhaps the Barbados Financial Services Commission (FSC) could learn much from the U.S. Securities & Exchange Commission. Many jobs offer just a few opportunities for the holders of those jobs to demonstrate their suitability for the job. The remainder of the time, almost anyone could do the job,

BCSDI Custodian Trust Services Inc (BCTSI) Notice to the Former Shareholders of Cable & Wireless (Barbados) Limited

July 25, 2023, 4:23 pm

Pursuant to the De-Listing Order of the Financial Services Commission dated the 28th of September 2020, Cable & Wireless (Barbados) Limited, being required to notify its former shareholders of unclaimed monies associated with the cancellation of shares and/or unclaimed dividends, hereby notifies the former shareholders that the 6th anniversary of the Effective Date of the amalgamation of the Company and CWB Limited (the “Amalgamation”) will be 1st of September 2023. Former shareholders wishing to claim the compensation arising from the Amalgamation should submit all required information to:BCSDI Custodian Trust Services Inc.
Barbados Stock Exchange Building
8th Avenue, Belleville
St. Michael
Barbados
BB11114 Email: fundservicesteam@bse.com.bb
PBX: (246) 436-9871/2

Ms. Davianne Holder – (246) 629-1114
Ms. Nicole Weekes – (246) 629-1111

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38 responses to “Minority Shareholders Snub Cable & Wireless’ offer”

  1. Frank Avatar
    Frank

    Axe Dr.Hillary Sir Cave Hill, he was a director.

  2. David Avatar
    David

    Regulators in Barbados do not command the respect of the public. We see what is happening now with the embarrassing long time it is taking for the FTC to complete a rate request. Prime Minister Mia Mottley has added her voice of frustration to the matter. There is irony in there somewhere. The PM, let that sink in. Good luck to minority shareholders getting a timely position from the FSC.

  3. David Avatar
    David

    Then again, they say a people get the leadership it deserves. The average Barbadian probably could give a damn.

  4. NorthernObserver Avatar
    NorthernObserver

    How many is “so many”. I didn’t see numbers (or maybe I missed it).

  5. Bush Tea Avatar
    Bush Tea

    “How many is “so many”….”
    ~~~~~~~~~~~~~~~~~~~~~
    Ricky and Doug.
    Which is a HUGE number of dissidents, given the brassbollic nature of the place.
    Just goes to show what COULD happen if a dozen or so good MEN existed is the shiite place….

  6. David Avatar
    David

    Hats of to Dough Skeete and Ricky Went, they have devoted their lives to attacking a behemoth like Cable & Wireless. This is what defines being a good citizen.

  7. Bush Tea Avatar
    Bush Tea

    A point to note, is that you will REARLY find a woman dissident.

    Women are natural co-conspirators and facilitators who possess the uncanny ability to fit smoothly into ANY shiite.
    Of course this is a result of them being DESIGNED to partner with a male life-mate.
    A society with nearly 100% women in decision-making positions will therefore NATURALLY be one where LOTS of shiite happens, and with VERY little consequences…like bout here.

    Can ANYONE conceive of the radical vaccine nonsense happening with a PS of the ilk of those we had in the old days?

    Now, where there are the odd ‘non-females’ in such positions, the incumbents look, and behave, even MORE effeminate that the damn women… in fact, much like the blogmaster’s vaseline users…. lol

    The Bible is a BOSS book….
    It ALWAYS recommended that women…
    NOT be made leaders;
    Not be allowed to talk so much shiite in public;
    and keep their head covered in de people church….

    …but ONLY if you want a strong, functional society….
    Pick sense from that…

  8. TheOGazerts Avatar
    TheOGazerts

    There may be some truth in what you say. But what we have here is the captaincy of theTitanic being given to women a few minutes before hitting the iceberg and then blaming them.

  9. William Skinner Avatar
    William Skinner

    We have entered the age of double speak. For example: we call employers who fail to “ pay in” deducted NIS payments ,taken from their workers recalcitrant rather than thieves or dishonest.
    And we are into flowery euphemisms. Fortunately , the man in the street , which means the masses, is no longer buying the crap. We think they don’t care but they are in serious survival mode and really have no time for the sound bites and “ fit for purpose” elites masquerading as saviors of the oppressed.
    We the so-called educated class continue to fool ourselves that we are being taken seriously but in natural fact , we have been dismissed as frauds and enablers.
    Speak the truth to power and demonstrate a determined effort to radically change the status quo, or continue to be seen as a collective pack of jokers.

  10. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Leave them…they just ran headfirst into a diaspora brick wall….

    …no one wants to hear from the legion of cowards comfortable in their enabling and facilitating slavehood to a dangerous, lying talking machine…false idol..who weee and others must now bring to heel…..but we need no help from them
    ..they are too destructive all by themselves even without evil politicians instructing them..

  11. David Avatar
    David

    What yard stick are you using about masses not taking crap? You judge this by what again? Lack of engagement in the democratic model by staying away from the polls? Good people not willing to offer themselves for public office and so on? Talk is cheap.

  12. Bush Tea Avatar
    Bush Tea

    “…what we have here is the captaincy of theTitanic being given to women a few minutes before hitting the iceberg and then blaming them.”
    ~~~~~~~~~~~~~~~~~~~
    Where did you see blame?
    Bushie simply EXPLAINED our dilemma.

    In fact, the bushman has OFTEN explained that the poor women have been FORCED to take up the mantle (for which they are ill-prepared by design) PRECISELY BECAUSE the shiite men (WHOSE JOB IT IS) have all become bullers, effeminate, or at the very least, vaseline adaptors.

    Wunna just playing wunna hard ears…

    The damn women trying their best, and are in fact doing much BETTER than the alternative shiite men.
    No better example exists that the DLP clowns that preceded our current female dynasty….

    In the FINAL analysis however, this world is much too complex, and the stakes are much too high, for anything less that the TOP OF CLASS talents of any society to take on the mantle of leadership…. just check our cricket…
    ..and EVEN THEN, without God’s guidance and blessings, top class leadership’s goose is pretty much cooked.

    A one-eyed woman may be better than a blind man, but much more than one eye is required to survive, far less succeed, in a world of cut-throat, high-paced, materialistic traffic

  13. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Another scandal about to grow long legs and walk into real media…..who will make sure nothing is covered up. ..some have a deep threshold for national shame and embarassment

    https://rijock.blogspot.com/2023/07/corrupt-barbados-leaders-assisted.html?m=1

  14. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Hope no one is pretending that they have not always been surrounded by thieves pretending elitism and now cant get rid of them and their lustful money and power hungriness.

    That cannot be blamed on voters or those who dont…it makes no difference.

  15. atruefreeman Avatar
    atruefreeman

    The many names were published in the July 26 Midweek Nation – 17 pages of names. Supervision in Barbados is about attending functions and befriending the supervised not representing those being served by the supervised. Any lawsuit should include the FSC.

  16. David Avatar
    David

    https://barbadosunderground.net/wp-content/uploads/2023/08/6-768×1024.png
    https://barbadosunderground.net/wp-content/uploads/2023/08/5-835×1024.png
    https://barbadosunderground.net/wp-content/uploads/2023/08/4-835×1024.png
    https://barbadosunderground.net/wp-content/uploads/2023/08/3-835×1024.png
    https://barbadosunderground.net/wp-content/uploads/2023/08/2-835×1024.png
    https://barbadosunderground.net/wp-content/uploads/2023/08/1-835×1024.png

  17. atruefreeman Avatar
    atruefreeman

    People rely on the legislative requirements to drive on the left side of the road. If a trumpian driver decides to drive on the right side, causing damage to people driving on the left, those that enforce the law are expected to deal with the trumpian driver and not abandon their responsibility to law abiding drivers that are already suffering damages.

  18. atruefreeman Avatar
    atruefreeman

    This is a rare and unique opportunity for the DLP to give a voice to a group of people in need of one, having been abandoned by the current administration in their time of need.

  19. David Avatar
    David

    @atruefreeman

    The DLP is a little busy at the moment preparing for its AGM. Our two political parties are also inclined to avoid fights with behemoths.

  20. atruefreeman Avatar
    atruefreeman

    The latter is exactly why this is an opportunity to demonstrate their willingness and ability to represent the people. Bullies will continue to bully if allowed. For the state to sanction it does not say much for our elected representatives.

  21. atruefreeman Avatar
    atruefreeman

    https://www.viberts.com/news-insights/rules-to-determine-fair-value-payable-for-shares-in-a-company-merger/

  22. atruefreeman Avatar
    atruefreeman

    https://www.investopedia.com/terms/f/freeze-out.asp#:~:text=In%20a%20typical%20freeze%2Dout,give%20up%20their%20equity%20position.

    “… In a typical freeze-out merger, the controlling shareholder(s) may set up a new corporation that they own and control. This new company would then submit a tender offer to the other company, hoping to force the minority shareholders to give up their equity position. If the tender offer is successful, the acquiring company may choose to merge its assets into the new corporation.

    In this scenario, non-tendering shareholders would essentially lose their shares as the company would no longer exist. While non-tendering shareholders would generally receive compensation (cash or securities) for their shares as part of the transaction, they would no longer retain their minority ownership stake.

    Freeze Out Laws and Fiduciary Duty
    Historically, freeze outs by controlling shareholders have faced differing levels of legal scrutiny.

    In the 1952 case of Sterling v. Mayflower Hotel Corp., the Supreme Court in Delaware established a fairness standard that would apply to all mergers, including freeze outs. It ruled that when an acquiring company and its directors “stand on both sides of the transaction, they bear the burden of establishing its [the merger’s] entire fairness, and it must pass the test of careful scrutiny by the courts.”1

    Although the law was once hostile to freeze outs, they are generally more accepted in corporate acquisitions these days. Courts generally require that as part of a fair transaction, an acquisition should have both a business purpose and fair compensation for shareholders…”

  23. atruefreeman Avatar
    atruefreeman

    What does it mean when our political leaders encourage you to invest for your future and not depend only on the NIS pension then come after those investments or fail to regulate while others come after those investments.

  24. David Avatar
    David

    @atruefreeman

    The blogmaster applauds your persistence with these matters. Don’t look for support from the average dick and Jane. They could care less and government and regulators know it.

  25. atruefreeman Avatar
    atruefreeman

    It is truly incomprehensible how legal shenanigans could be openly facilitated by our political leaders in these modern times – no different to the USA allowing Donald Trump to make a mockery of its legal system.

  26. atruefreeman Avatar
    atruefreeman

    Each senior officer at the BSE and the FSC should decide if he or she is a Kevin McCarthy or a Liz Cheney.

  27. atruefreeman Avatar
    atruefreeman

    Would you believe that the BSE has (or used to have) an annual conference on corporate governance?

  28. Bush Tea Avatar
    Bush Tea

    YES!
    When you train inherently dishonest or weak officials, they simply learn how to better avoid being caught.
    The solution is NOT training, but catching them and applying the guillotine….

  29. atruefreeman Avatar
    atruefreeman

    Today may be the early 1900s for some of us, as our beach land is taken, but who knows about tomorrow. You may pretend to be, but you cannot make yourself a great leader – being bad is easy, being good is so much harder.

    https://www.latimes.com/california/story/2023-01-03/bruce-family-beach-la-county#:~:text=Six%20months%20ago%2C%20Los%20Angeles,acknowledging%20it%20had%20been%20stolen.

  30. atruefreeman Avatar
    atruefreeman

    We need a Douglas Trotman (may he rest in peace).

  31. atruefreeman Avatar
    atruefreeman

    Compare the FSC’s response to the takeover of BICO, which has not been able to pay a dividend since March 2017, before that – March 2010 and March 2008. The offer to the BICO shareholders was $4.00, but we would not have enough competition remaining so no takeover. Let us wait and see what happens to BICO’s minority shareholders.

  32. atruefreeman Avatar
    atruefreeman

    It does not help us, but the managers at the BSE and FSC may be star-struck when they have to deal with certain lawyers – not a good characteristic for a supervisor.

  33. atruefreeman Avatar
    atruefreeman

    I was actually looking forward to selling those BICO shares and buying some BOSS bonds.

  34. atruefreeman Avatar
    atruefreeman

    In fact, I may buy some BOSS bonds if and when C&W pays me.

  35. Bush Tea Avatar
    Bush Tea

    “…the managers at the BSE and FSC may be star-struck when they have to deal with certain lawyers”
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    You are clearly true free MAN, who can see…

    It is not only the damn crooked lawyers either,
    …but even more so with the albino-centric ‘bribe masters’ who run these foreign entities that make BILLIONS in easy profits off the unsuspecting brass bowls bout here…

    It takes a real free MAN (with balls) to resist the temptation to see things in a way that suits these materialistic demons, RATHER than to follow the LAW …and continue on their little stipend.
    steupsss .. it don’t even take that much to convince them..

    What do we expect when some little unknown BB is appointed by their politician buddy on these ‘commissions’ – to keep billion dollar moguls in check..?

    No wonder de place brek as shiite, and we now specializing in begging and borrowing …like damn ‘Parros’….

  36. David Avatar
    David

    It seems work is being done at the FTC after all.

    FTC approves iExchange merger

    THE FAIR TRADING COMMISSION (FTC) has approved local pawn shop retailer iExchange Inc.’s acquisition by the Barbados-based United States (US)-owned entity CashWiz (BRB) Ltd.
    This follows the FTC determination that the business merger would not hurt competition in the retail pawnbroking business here.
    “Following its identification of the relevant product markets in Barbados, the commission completed a comprehensive competitive analysis which considered the potential impacts of the transaction. Consideration was also given to the number and relative size of the firms in the market and the effect of barriers on new firms seeking to enter each market,” the regulator said.
    “Subsequent to this analysis, and pursuant to Section 20(5) of the Fair Competition Act, CAP. 326C, the Commission determined that the merger would not lessen competition in the identified markets.”
    The FTC said that iExchange and CashWiz submitted their required merger applications in June last year.
    CashWiz operates a consignment store, which sells a wide selection of pre-owned and new products – including jewellery (gold, diamonds etc.), fine art, antiques, game consoles, and electronics – and it also provides a “pawn-loan” option for consumer-owned valuables as a service.
    CashWiz is a wholly-owned subsidiary of USbased Simple Management Holdings Inc., which operates “non-traditional financial and retail establishments” under the Simple Pawn brand in the US, and as CashWiz in 10 Caribbean countries.
    The report said that iExchange Inc. was “engaged in the business of retailing and wholesaling of products (for example electronics and jewellery) and pawning from its three locations in St Michael.
    Other ventures
    The FTC explained that “iExchange intends to exit the market to focus on other ventures, and to this end approached CashWiz with a proposal to take over the business”.
    “The transaction for CashWiz is consistent with its desire to expand its retail capabilities across Barbados and the wider Caribbean region. CashWiz is of the view that this growth will create additional jobs, and marks an expansion in a market where it currently operates,” the merger summary report stated.
    The FTC said it “considered the structure of the markets likely to be affected by the proposed transaction,
    the degree of control exercised by the enterprises, the availability of alternatives to the services provided by the parties, the likely effect of the proposed merger on consumers and the economy, the actual and potential competition from other enterprises, and the likelihood of detriment to competition”.
    “With regard to the market for pawnbroking services, the applicants compete in this relevant market with two other players. On the demand side, consumers are free to use any item they choose to secure their monetary loan,” the report outlined.
    Requirements
    “There is, however, limited substitutability on the supply side given the licensing and reporting requirements for someone who wishes to offer loans on pawned jewellery. These requirements could present a barrier to entry. However, this barrier is removed for an entity that wishes to provide pawnbroking services for non-jewellery items.”
    The FTC added that “market participants indicated that they envision no competitive issues as a result of the merger”.
    “Competitors have, however, anecdotally referred to the ‘deep pockets’ of the acquiring party and the ways in which this allows that party to operate differently in the relevant market. This might manifest in the acquiring party’s ability to purchase more stock for customers or offer better loan rates for pawns,” it noted.
    The regulator also said that iExchange and CashWiz “argued that the change in ownership will not affect competition in the market adversely due to low barriers to entry”.
    “The Commission holds the view that the attendant entry requirements are not insurmountable since all that is required to enter the market from a regulatory standpoint is a (i) pawnbroker’s licence, (ii) precious metals dealer’s licence, provided the entrant intends to trade in jewellery and (iii) a telecommunications dealer’s licence if the entrant wishes to trade in any prescribed telecommunications or radio communications apparatus,” the FTC said.
    “In addition, there is capacity for players in tangential sectors (for example, retail) to enter this market without the attendant entry requirements since they may very well have the capital, real estate and the staff to conduct business, and the customer network to market this new line of business.” (SC)

    Source: Nation

  37. atruefreeman Avatar
    atruefreeman

    I understand – as the supermarkets in Barbados only carry ice cream by a couple producers, under a couple brands.

  38. atruefreeman Avatar
    atruefreeman

    Contrast how public accounting firms interpret the statistical distribution of unknown loss liabilities. We know for loss liabilities that the concern is for the amount covered at least 50% of the time, depending on the desired comfort, rather than just being in the range of possible amounts.

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