BWIA shareholders make counter-offer to Govt

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BWIA shareholders make counter-offer to Govt

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BWIA shareholders make counter-offer to Govt
Renuka Singh
Thursday, July 30th 2009

BWIA minority shareholders have made a counter-offer to Minister in the Ministry of Finance, Mariano Browne, for a payout of their shares.

While BWIA minority shareholder advocate, Peter Permell, did not reveal the figure last evening, he said a five-member team had met with Browne at the Eric Williams Financial Complex in Port of Spain yesterday morning.

The group, which included attorney Lynette Seebaran-Suite and Joe Gonsalves, assistant secretary of the Communications, Transport and General Workers Trade Union (CATTU), was hoping for "something better" than the $0.20 share price offered by the Government.

Permell said the minority shareholders had already rejected the Government's final offer, and met with Browne to discuss the proposed share price. Permell described the morning meeting as both "cordial and productive" and said Browne promised to get back to the group before the rapidly approaching July 31 deadline.

"I will be very circumspect at this stage," Permell said, adding that he did not want to get into too many details since the issue was still being discussed.

Shareholders paid between $4 and more than $6 per share nearly ten years ago, and they refused to accept the ex-gratia payment from Government. At a shareholders meeting last week, the group revealed that although the payment amounted to almost $7 million, their investments are worth as much as five times more than that.
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