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Oct 18, 2012

Government Attorney says share sale would increase value of company

Denys Barrow

While S.S.B. has cash flow to sink in B.E.L., government’s attorney, Senior Counsel Denys Barrow, argues that the multimillion dollar investment would actually increase the value of the existing shares.

 

Denys Barrow, Attorney for Government

“The question really is whether preference shares would be a good or a bad thing for the company and, very simply, a resistance to it by the former owners but it is a resistance which is not based on anything except a dislike for the idea and I guess because they are not the ones doing it. The application that Fortis made was extremely wide-ranging when it was filed and now it has come down to a single thing.  Fortis has even backed off asking the court to prevent the issue of debentures.  They have accepted, in essence, that the debentures are properly to issue.  So all they are arguing about now is that if preference shares are issued then the ordinary, regular shares would diminish in value and my argument to the court, the argument of B.E.L., the board and the government is, that that might actually enhance the value of the present shares because it would more greatly capitalize the company and make it a more valuable company.  You are putting money into the company.”

 

A decision on the matter has been deferred to a later date to be announced upon completion of the review.

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4 Responses for “Government Attorney says share sale would increase value of company”

  1. Storm says:

    Words out of the mouth of a lawyer named Barrow? I can’t trust them.

  2. Bear says:

    SSB and BEL both said there was no time to conduct “due diligence” or examine the books before the “investment,” but an injunction will provide that much needed time. Since both entities are part of the government, let’s see the books today!

  3. cayobway says:

    as long as this fool is making money he does not give a rats@@s about anything, his brother has paved the way for him, somebody should put this old bull to pasture.

  4. Ricky Malthus says:

    Wait a minute attorney Barrow. You speak with forked tongue. You speak to only one side of the equation where $ 15 millions are received. How about the other side of the equation where the debt is increased by $15 millions plus the interest or is this a giveaway like the $50 millions to BTL, and there is no accountability? Barrow you might be a so-so caribbean attorney but don’t think you are financial genius. Depending on the profitable operations of BEL and also BTL will determine the net present value(NPV) of these companies and hence the the ability to declare dividends and the value of shares. Barrow, we live in a new Belize where there is a sea change in thinking and performance. So if you have the gonads, you have to apologise to the nation for your lie.

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