All Berger directors must go

Trading in shares of Berger Paints were suspended from October 5 to 13 as the takeover offer to buy out minority shareholders entered the final stage. Trading resumed on Tuesday this week, without one word being said as to the outcome of the take up.
Considering the very strong recommendations made by directors for shareholders to take up the offer, it would be logical if the investing public was informed about the results. Trading is taking place with investors being in the dark.
This is no way to run a capital market. The Stock Exchange has information but has so far done nothing to get investors promptly informed as to the status of the company remaining listed. The Financial Securities Commission that is there to protect investors seems completely dead. With directors putting out highly questionable information in support of their ill-advised recommendation to sell, these regulators left investors completely exposed to improper information.
IC Insider.com gathers that around 6 million units were surrendered by investors. What is known by this publication, is that the larger minority shareholders with more than 31 percent of the shares, were never influenced by the recommendation to accept the offer and did not sell. That left smaller investors who unfortunately have given up their chance to reap a huge pay day in 2018 when the price is likely to be in the $40-50 range. Very sad indeed.
The stock exchange needs to get information out to the public and fast. And while the Jamaica Stock Exchange should do so, the Trinidad and Tobago Exchange needs to do the same as the Ansa Coatings parent, is listed on that exchange and should be informing their shareholders of the outcome of the offer as well.
Apart from what would be expected of Ansa to advice of the added acquisition. Under the Jamaica Stock Exchange rules, each listed company is required to report connected party transactions. The directors’ recommendation stated that all directors who owned shares directly and their connected parties, as well as two senior managers intended to accept the offer, accounting for over 500,000 units. These are connected parties and Berger is required to inform the Stock Exchange of these transactions along with the major shareholder buying, as a part of insider trading information.
With such poor judgement, minority shareholders need to demand that all directors resign from the board with immediate effect as no confidence can be placed in them to protect the interest of minority. One hopes it does not get down to that and that all will resign forthwith without having to be pushed.

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