Daily Archives: January 25, 2010

Lack of Shareholder Rights laws in Barbados makes investors “meat on the table”

“Although saying that the laws of Barbados permit directors to issue new shares by means of a private placement (that is, selling to private investor without an initial public offering) without shareholder approval and without first offering the shares to existing shareholders, Group Chairman and CEO Dodridge Miller yesterday admitted in a statement that the private placement effectively resulted in diluting existing shareholders shares by four per cent of their previous holdings.”

… from the Caribbean360.com news story Sagicor says no money problems despite private sale of shares

Sagicor’s silent memo to its shareholders is a warning to all investors: “We, the Directors, own you.”

Early in January we covered the story of how Sagicor issued an additional 11.7 million common shares to the National Insurance Board of Barbados via a private placement at a 5% discount to the trading price on the BSE at the date of the issuance. (See BFP’s story Did Sagicor’s private placement of additional shares dilute the holdings of existing shareholders?)

What did Sagicor use the money for? Why was there no prior offering to current shareholders? Why was there no explanation to shareholders until the complaints started to roll in to the news media?

On one level, these questions don’t matter at all because everything the Sagicor Directors did was apparently legal under the laws of Barbados. So what if they reduced the value of shareholders’ assets by 4% overnight with no notice? It was all legal.

The newspaper articles have faded out, but the bad taste in the mouths of thousands of Sagicor investors still remains – which is why we’re publishing this reminder to facilitate discussion.

Moral of the Story

Let this be a lesson to Barbados investors both foreign and domestic… Under the laws of Barbados, you’re meat on the table for the big boys.

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Filed under Barbados, Business & Banking, Consumer Issues, Offshore Investments

“Chinese instrictions” by B.C. Pires have us chuckling

“Congraturation” to B.C. Pires on a very funny column

Before China became the manufacturing powerhouse it is today, we got most of our translation chuckles from Japan. The first Nikon camera my father owned came with an instruction manual that began something like “Congraturation for buy new Nikon!”

Japanese manuals are better today but can still provide a few laughs. The website Engrish.com is always good humour as the Chinese and their Asian neighbours strive to translate both language and culture into a message that might mean something to an English speaker. How about a restaurant menu that offers this delectable fare: Gourmet orgasm without plastic surgery

Sometimes translations can show us some bad things about the culture or society doing the translating into English. I’ll never forget walking into a men’s room in a small rural town in Taiwan a few years ago and seeing a translated sign over the urinals “Shit no. Piss yes”. Ahhh, okay!

Then there’s a Chinese translation issue that BFP already covered in our April 10, 2007 article Honey, Let’s Order The New Sofa In That “Nigger Brown” Colour…

But leaving the cultural issues aside, Chinese manuals can make you smile – or in the case of B.C. Pires, inspired his latest newspaper column. Here’s a sample…

“Have to make admittance is very much fun murder mosquito electronic bug zapperfully. Person of write column not bloodthirsty like mosquito but still like hear crackle before mosquito is popping. Feel gleeful at inflict revenge within whining-in-ears-ful mosquito. First time had electronic bug swatter, person of write column murder all mosquito in house very effectiveness, very fastly, all mosquito gone in one hour; person of write column had fill barrel with water and let stand stagnantly in garage for days for get back plentiful mosquito to zap joyful duplicate once more.”

Take a moment to laugh a bit and head over to the Nation News to read B.C. Pires’ column BC’s B’dos – Chinese instrictions

post by Robert

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Filed under Barbados, China, Culture & Race Issues