An investment firm executive yesterday said telecoms group KeyTech had failed to provide investors with up-to-date financial information in its bid to take over TV provider CableVision.

And Malcolm Moseley, executive vice-president and chief financial officer of Global Custody and Clearing Ltd, added that it appeared KeyTech had undervalued CableVision with its $13 a share offer.

Mr Moseley said: “The thing that’s annoyed us is we have clients who hold stock, which we hold on their behalf, and they haven’t provided any financial statements.

“We got a proxy, the merger document itself and a covering letter, but there were no financials in there.”

Mr Moseley was speaking ahead of tomorrow’s special meeting, at which shareholders will be asked to approve the takeover offer.

He added that, after his company contacted KeyTech, the firm was provided with 2012-13 figures for CableVision, but not the most recent year-end results.

Mr Moseley said: “There has been nothing for the last 18 months — how the shareholders are expected to take an informed decision with no up-to-date information is beyond me.”

He explained that, based on the 2013 results, taking the shareholders’ capital and dividing it by the number of shares, the value worked out as $15.90 per share.

But that figure does not take into account CableVision’s property, plant and equipment, which is likely to be worth tens of millions of dollars more, he added.

Mr Moseley said that telecoms firms were increasingly providing entire packages, spanning internet, TV and phones.

He added: “I think the way the industry seems to be working, they are setting themselves up to compete with Digicel, the other competitor on the Island.

“From KeyTech’s point of view it’s probably a very good deal because it allows them to compete with Digicel.”

But Mr Moseley said: “As our clients are minority shareholders, they are not too impressed with the price being offered.”

He added: “I think they’re just trying to push it through. If they can get it for $13 a share, they will probably ride roughshod over the minority shareholders.”

KeyTech, the majority shareholder in CableVision, last week announced a bid to take full control of the cable firm through its subsidiary Wansunt,

The proposed deal envisions a merger with Connect Ltd, wholly owned by Wansunt, which was made up of telecoms players North Rock and Logic, also controlled by KeyTech.

A letter from the board of CableVision to shareholders backed the takeover bid.

But one small CableVision holder said the shares should have been valued at between $25 and $40 each — and claimed that KeyTech wanted “all of the smaller shareholders out”.

The letter from CableVision said the board had rejected an earlier $12 per share bid and told shareholders that if they were not satisfied with the final offer, they had a month to apply for a court ruling to set a price for their shares.

Wansunt, Connect and CableVision all share the same registered officer address, 30 Victoria Street in Hamilton.

Corporate services firm Quorum in March this year wrote to minority shareholders on behalf of an undisclosed client offering $6 a share.