Serious concernsabout share offer

THE EDITOR: As a minority shareholder of Guardian Holdings Ltd (GHL), I have serious concerns regarding how the NCB Jamaica offer of US$2.35 will eventually play

out.

Years ago, I paid $40 per GHL share, which was considered fair value by the valuators, the Ministry of Finance and GHL directors. After nine years the shares are now worth less than half what I paid, according to the valuators, even after significant profits and growth in GHL’s assets and

property values.

I am therefore befuddled how valuators could come today to inform that when I paid $40 for a GHL share that this was a true, good value and now the same share is worth less than 50 per cent of that.

This matter must be investigated by the Stock Exchange and the Securities Exchange Commission because an explanation is truthfully deserving.

The offerors should also be concerned that they are offering the minorities a price less than what was originally offered to others.

Michael Lee-Chin must note that vexed minorities may very well elect to do their business elsewhere after the takeover, just to show their dissatisfaction and disagreement. Then the candle may cost more than the funeral.

This NCB deal will also create a further demand on the Central Bank for more foreign exchange for corporations to find US dollars for dividend remittances to the outside home base, while citizens cannot easily get a single US dollar these days.

If all our prized jewels become owned by foreigners we will not have a country anymore and we would regress to the days of colonialism when we were all slaves working for Britain. After all these years, I have to ask: Why?

PETER S MORALLES

Cascade