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Best Offer for BS&T

ANSA McAL Group Raises Bid for BS&T to BDS$8 Per Share

Bridgetown, Barbados.  A NEW OFFER of BDS$8 per share has again positioned the acquisition proposal from regional conglomerate ANSA McAL as the “best possible option” for both the shareholders in Barbados Shipping and Trading (BS&T) and for the wider economy.

The increase of 14% from the Company’s original $7 per share offer represents a premium on the prevailing market price of $7.50 and 11% better than the recently announced offer of $7.20 from Neal and Massy. According to the Company’s management, it is the best option for shareholders in BS&T.

“We are confident that the synergies identified in BS&T will support the new bid price of BDS$8 and we invite all BS&T shareholders to take up this offer. Our $8 for 100% of BS&T shares combined with the share option affords shareholders the best value,” said David Inglefield, President and CEO of ANSA McAL(Barbados) Ltd.

Meanwhile, in accordance with the Offer Document, shareholders who have already pledged their shares to ANSA McAL at the $7 price will be paid based on the new, higher offer. Against this background, Inglefield continued:

“This offer provides BS&T shareholders an opportunity to fully cash in their investments or to become involved in a company with a proven track record for building capacity and strengthening brands in Barbados and across the region.”

Citing ANSA McAL’s recently-released unaudited half-year results which indicated pre-tax profits of $366 million, a 38.7% increase over the same period last year, Inglefield added that the company was well on its way to achieving its goal of increasing its share price to TT$100 by 2010.
“Our strong performance and positive growth projections make ANSA McAL one of the strongest companies in the region and this offer will therefore provide shareholders of BS&T the opportunity to be a part of this well-positioned company,” the ANSA McAL Executive noted.

Inglefield also re-affirmed the company’s commitment to preserving the subsidiaries of BS&T should their bid for the conglomerate be successful.

“As was the case with our acquisition of Brydens, we intend to keep mind and Management in place at BS&T and we have no intention of closing any of its subsidiaries or stripping its assets,” he contended.

The amended offer will close on September 6th, 2007. Any questions and requests for assistance may be directed by Shareholders to the Dealer Manager or to AMCL Holdings Limited at their respective addresses.

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