Trading of Kerzner International’s Bahamian Dollar Re-ceipts was suspended on the Bahamas International Stock Exchange (BISX) two days ago.
The BISX requires any local BDR trades to “mirror” any trading of the same instruments on international stock exchanges.
“The suspension of trading of KZLB is pursuant to the BISX Rules which require that trading in any listed BDR mirror the trading status of the underlying security’s primary listing Exchange,” the press release read.
It stated further, “In this regard, trading in the shares of Kerzner ceased trading on the New York Stock Exchange on Friday, September 1, 2006. The New York Stock Ex-change is the primary listing Exchange for Kerzner.”
BISX reported that the acquisition of the Kerzner company by an investor group led to the suspension of the shares on the New York Stock Exchange.
Sol Kerzner who is also the Chairman of the Board of that company leads the investor group.
Butch Kerzner, his son, is the Chief Executive Officer.
The company’s shareholders approved the acquisition during an extraordinary general meeting held a week ago.
According to BISX, “Under the terms of the merger agreement, the company’s shareholders will receive $81 in cash, without interest, for each of the company’s ordinary shares (other than certain restricted shares) held.”
The Nassau Guardian
