14 NOVEMBER 2001

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Shareholders Association deplores deal

The Malta Shareholders Association deplored the attitude adopted by Globe Financial Management plc for the insufficient information it published on the merger deal it seems to have concluded with British American Insurance Co.

Whilst the merger has been presented as a concluded deal and subject only to regulatory approval and procedural matters, shareholders in Globe Financial Management plc have been deprived of the pertinent information they are entitled to, to enable them to evaluate whether the deal is good, bad or neutral for their interests.

The Malta Shareholders Association likewise disapproves of the Malta Stock Exchange approach to the situation for permitting Globe Financial Management plc to with hold such information, and to re-commence trading when clearly some individuals (shareholders or not) are more knowledgeable on what is taking place, while many others are in complete darkness.

It may be worth of mention that the shareholders' association has, on more than one occasion, drawn the attention of the Stock Exchange to investigate possible misleading statements in the prospectus of Initial Public offerings after significant discrepancies featured in the actual results published.

To date the association has not been informed of the action taken or with the results, if any action had, in fact, been taken.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt