According to the Trinidad Guardian, two shareholders of the “Penny Bank”, in 1993, refused a Central Bank offer of ONE DOLLAR ($1.00) for each share that they held. The total pay-out would have been $12,000,000.00.
They went through the legal process right up to the Privy Council. The Privy Council, it seems ordered an independent valuation and a mutually agreed independent valuator was appointed. His finding would final and binding on all parties.
What is the independent valuator’s finding, today, in 2009, some 16 years later?
He found the value to be Fifty Five Cents ($0.55) per share. The total pay-out is now $6,600,000.00.
It seems like a bird in the hand is really worth two in the bush.
Money, Money, Money!
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