Eric Jason Abrahams wants US$500 million in assets repatriated back to CWJ's books, according to his legal team, and he is seeking permission from the Supreme Court to proceed with his case.
Such a lawsuit would improve the value of the company, argued Abrahams' team from law firm Hart Muirhead Fatta, which filed court papers last November.
The lawyers only spoke of the court action after Gleaner Business reported online at the weekend that CWC CALA Holdings had made a mandatory offer of $1.45 per share to CWJ minority stockholders, who have up to January 31 to accept.
CWC Plc, CALA Holdings and CWJ are all ultimately owned by Liberty Global, which acquired the British telecoms and its regional holdings in 2016.
Asked about the offer, Abrahams' lawyers said that factoring the US$500 million, the value of the CWJ stock would be multiples of the $1.45 per share offer price.
Last Saturday, racing for time, the law firm sent a letter to the Jamaica Stock Exchange alerting Managing Director Marlene Street Forrest to the court action and knocking the Cable & Wireless Jamaica board for not advising the market of the legal proceedings.
"If the derivative claim is successful, the directors and/or CWC UK will likely be required to pay hundreds of millions of US dollars to CWJ," wrote Hart Muirhead Fatta in the letter seen by Gleaner Business. more
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