Submitted by Atrue Freeman
Sir Allan Fields
Sir Neville, thank you for your response of January 17, 2011, to my email of January 8, 2011. Sir Allan C. Fields, Chairman of Barbados Dairy Industries Limited (BDIL), states in BDIL’s 2010 Annual Report that BDIL is expected to be de-listed during January 2011 (see below extract). I urge that a condition of the delisting be that the minority shareholders be offered a fair price, for their shares, of cash or shares in Banks Holdings Limited, which owns 83.74% of BDIL.
Extract from Chairman’s Report, 2010 Annual Report of Barbados Dairy Industries Limited:
During the year, our shareholders approved the Board’s recommendation to de-list our Company from trading on the Barbados Stock Exchange. This approval was obtained at an extra-ordinary shareholders meeting, held on the 27th May 2010. This was communicated to the Barbados Stock Exchange who approved our request in November 2010 and forwarded their approval to the Securities Commission for ratification. We expect that BDIL will be removed from the list of Companies trading, during January 2011. Our decision to de-list was taken because our Company has not benefited from being listed as borne out by the very low volume of shares traded. When the cost associated with staying listed was taken into consideration, financially it makes sense to de-list. I assure our shareholders that we will continue to manage our Company in keeping with established corporate controls and practices.