Notes From The Margin

August 16, 2007

One Board of Directors Slightly Used – Looking For Work?

Well the BS&T battle rages, and Ansa McAl is responding to the BS&T’s directors statementin the press and Neal and Massey has backraised Ansa McAl and the whole mess is just rolling along.

 It strikes me however that whoever wins this bruising takeover battle. The current board of BS&T is not going to come out of this smelling like a rose. At the very least it suffers from a credibility crisis in saying that Ansa McAl’s offer of $7.00 “does not reflect the intrinsic value of the company” but only very recently recommended that they accept $5.25 in value.

When all the dust settles the investors in Barbados (and elsewhere) are  going to review the conduct of the directors in this matter and how well they discharged their duty of stewardship for the shareholders. They will also look closely at other boards where the same directors hold posts.

There will be a reckoning.

Marginal

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