Sunday, March 3, 2024

Small shareholders battling C&W

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Minority shareholders in Barbados are gearing up for a big legal battle against telecommunications company Cable & Wireless (C&W) and its parent Liberty Global.

Judgment in the class action suit, which is set to go to trial in September, could have major implications for the rights of individuals who own small stakes in publicly traded entities.

The dispute dates back to July 2017, when Cable & Wireless (Barbados) Limited, which trades as Flow, announced its receipt of a proposal from Cable and Wireless (West Indies) Limited (CWWI) “to acquire all issued and outstanding common shares of [C&W Barbados] that it (CWWI) does not already own by way of an amalgamation” between the two companies.

The near $77 million offer ($2.86 per share) for more than 26.8 million common shares (18.93 per cent) was approved by shareholders the following month. Voting was done by a poll where every share had one vote. Since CWWI owned 81 per cent of the shares, the motion was approved. (SC)

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