Telecom shareholders await ruling after lengthy trial

A marathon 54-day trial involving hundreds of former minority shareholders of Cable & Wireless (Barbados) Limited has concluded, leaving the fate of their claims against the telecommunications giant hanging in the balance. 

The shareholders are challenging the company’s decision to compulsorily acquire their shares, seeking redress that includes shares, additional cash, or damages.

Redress being sought by the minority shareholders from the company and its directors includes, but is not limited to, shares, more cash, or a combination; the issuance of the appropriate number of shares in the amalgamation entity to each minority shareholder who wishes to remain a shareholder; payment to each small shareholder who wants to sell their shares, consistent with the fair value of each share of the company; and provision of appropriate damages for the violation of the rights of the minority shareholders.

They are also asking the court to order the payment of dividends and the reasonable costs and legal fees incurred in connection with the enforcement of their rights.

Utility expert Ricky Went, who has been spearheading the fight against C&W with the legal backing of Garth Patterson SC, described the hearing as a long, hard but necessary battle that saw 10 witnesses testifying before Justice Jacqueline Cornelius and the involvement of 4 593 pages of transcripts.

The claimants, led by Patterson and his LEX team, filed the closing statement of 203 pages on October 22 last year; on February 1-7 this year, C&W (Barbados) Ltd and its directors, led by Barry Gale, SC, Laura Harvey-Reid and team, filed their 151-page submission on February 7 on February 8-9, the defendants, Liberty Global and C&W (WI) Ltd, led by Sen. Boyce and his GGF team, filed their closing statement of 106 pages, which had been submitted on January 31.

The claimants filed their submission in reply to the defendants in a document comprising 195 pages on the first of this month.

Went said the court will now consider all the evidence and give its ruling within the next three months.