At least one significant shareholder in the Barbados Dairy Industries Limited (BDIL) wants some answers about that company’s planned delisting, while the Barbados Stock Exchange (BSE) says its rules should not be blamed for the company’s decision.
Fortress Funds, the country’s largest mutual fund manager owns just over 200 000 shares in BDIL, which trades as Pine Hill Dairy, and it is concerned about the conditions surrounding the delisting.
With BDIL only prepared to buy back five per cent of each shareholders’ equity in the company, Fortress Funds’ portfolio manager Chris Callender told the WEEKEND?NATION Wednesday the mutual fund was eagerly awaiting word on what will happen to the rest of the company’s shares in Pine Hill Dairy after the delisting next month.
Callender said Fortress was anxious to dispose of its shares now valued at $1.1 million, but BDIL was only compelled to buy back five per cent of the outstanding shares, except those held by parent company Banks Holdings Limited (BHL).
Read the full story in today’s WEEKEND NATION.
