est. 2007

Barbados Underground

Bringing News and Opinions to the People

BHL and SLU Directors– What if …

Submitted by Atrue Freeman What if the BHL directors and SLU all knew that the BHL directors were acting outside of their authority in granting a redemption right to SLU?  As far as we know: both parties were represented by legal counsel; […]BHL has only one class of shares; the law states that a common…

,
Submitted by Atrue Freeman
Mr. G. Anthony King; Chairman
Mr. G. Anthony King; Chairman

What if the BHL directors and SLU all knew that the BHL directors were acting outside of their authority in granting a redemption right to SLU?  As far as we know: both parties were represented by legal counsel; […]BHL has only one class of shares; the law states that a common share may not be a redeemable share; the law also states that when a company has only one class of shares, the rights of the shareholders are equal in all respects; and regardless of the form and name assigned to the arrangement, it is in substance a right to redeem shares under certain conditions.  It would be interesting to hear BU-Legal on this

169 responses to “BHL and SLU Directors– What if …”

  1. Atrue Freeman Avatar
    Atrue Freeman

    NorthernObserver December 9, 2015 at 1:53 PM #

    It seems reasonable to assume that the 70s-80s generation is already taken care of financially and that most of the wealth in the GEL shares will be passed to their children. Since you are not suggesting that they hold cash, unless the children have better investment alternatives for 100s of millions of dollars, retaining a lot of the GEL investment seems logical, even if selling a portion to invest elsewhere and diversify at the personal level.

    Looking at BDIL from the farmers’perspective, I am not sure if you are saying that they are unlikely to be motivated to get involved in the main or only market for selling their product if presented with the opportunity.

  2. Gabriel Avatar
    Gabriel

    Yes Bushie,the more things change the more they remain the same.We are back to the days of the standpipe with an upgraded product having 3 taps instead of the customary 1 tap of yesterday.All compliments of the dinosaur octogenarian Atlee Braffitt and the Ghanian man who displays a complete lack of manners towards bajans.
    Now we are back to the 40’s and 50’s with soon to be re introduced powdered milk including e ,the milk of contented cows with the possible closure of Pine Hill dairy.

  3. Gabriel Avatar
    Gabriel

    …….Klim,the milk of contented cows

  4. NorthernObserver Avatar
    NorthernObserver

    @Atrue
    I like maff. GEL has 58 million outstanding shares, which at a BSE price of 6.60$bds is $382 million. They have 30 something family members in that 70-80 generation only a few dead. I am told by somebody who claims to know, the family owns approx 65%. So that is 250 million, split amongst 30 something people. An average of approx 1.1 million shares each. But, that now has to be split if and when passed down.
    So the 100s of millions of dollars you refer to, is actually 250 million split many ways.
    The BHL group is worth 100 million more than GEL?
    As I said before, buy GEL. It’s take over price will be higher than $10/share.

  5. Atrue Freeman Avatar
    Atrue Freeman

    NorthernObserver December 9, 2015 at 10:51 PM #

    Thank you for the information on the extent of the distribution of the family owned shares.

  6. Atrue Freeman Avatar
    Atrue Freeman

    First Caribbean declares a special dividend of $100 million. What is the plan?

    https://www.cibc.com/fcib/pdf/cibc-fcib-group-q4-2015.pdf

  7. Atrue Freeman Avatar
    Atrue Freeman

    http://www.nationnews.com/nationnews/news/75522/bhl-battle-brewing-court

  8. NorthernObserver Avatar
    NorthernObserver

    100 million is 6 cents/share, nah big ting.
    Operating expenses were up sharply. Goes counter to all the staff cutbacks talked about elsewhere on BU. Maybe Bim is getting hit harder than other places.
    ANSA ain’t stupid, but they say Sabga don’t like to lose. They just fluffing their feathers, soon they will back off, and then pounce elsewhere.

  9. Atrue Freeman Avatar
    Atrue Freeman

    Is this a distinguished BHL board of directors, always looking out for the shareholder?
    http://epaper.barbadostoday.bb/ page 6 upper left

  10. Atrue Freeman Avatar
    Atrue Freeman

    http://www.nationnews.com/nationnews/news/75699/bntcl-offers

  11. NorthernObserver Avatar
    NorthernObserver

    @Atrue
    Lost. Why would BHL buy back their shares from DIH? That only serves to decrease the number of issued shares. If Sagicor sells to Ambev it is game over too, or any of the number of smaller shareholders.

  12. Hants Avatar
    Hants

    http://www.barbadostoday.bb/2015/12/19/trini-move/

  13. Bush Tea Avatar
    Bush Tea

    For a brief period after independence, when many of the local whites ran off to Australia, Canada and other places, and the remainder were subdued out of fear of the actions of EWB, Barbados made amazing progress in all areas.
    As it became clear that Bajan blacks were comfortable in the role of slaves, these unique albino citizens have blossomed into their true nature again, and managed to reverse all the NATIONAL gains that we had made, by leveraging the brass bowlery of political traitors, economic dunces, and the many yardfowls we have, …to gain control of critical national assets, and then to sell these off to foreigners and strangers to enrich their own pockets.

    Names like Allan Fields, Frank McConney, Tony King, and others shall go down in the annals of history of the infamous….

  14. Atrue Freeman Avatar
    Atrue Freeman

    NorthernObserver December 19, 2015 at 1:56 AM #

    Why would the BHL directors not ask BDIH to hold off for a couple weeks – December 17 – and allow the bidding process to come to a natural conclusion?

  15. Atrue Freeman Avatar
    Atrue Freeman

    I would like one more answer and that is confirmation that the purchase of BHL shares from ANSA was pursuant to the takeover bid at $7.10 and not a separate agreement at a different price.

  16. ac Avatar
    ac

    Bush shite stop talking and regurgitating brass bowlery shit so early in the morning Blacks barbadians have always preferred to use their monetary leverage as enablers using their financial clout to prop up large financial institutions ,hence the many long lines in the banks .Very few have ventured in the financial markets of investing were the worthiness of their money is measured in durable financial power and leverage
    You are one of the many bajans who still stick to a principle of blame when the culprits are the blacks themselves who prefer to seek save haven at low risk with no substantial benefits of significant financial profitability, rather than to pursue the many financial avenues that have given the whites economic power and leverage
    Barbados would continue to be a sitting duck for outside foreign influence those who have wisely chosen avenues available in the financial markets to enhance their profitability margin while barbadians stand in lines in the financial institutions as depositors an easy and sufficient way to give outside investors enough leverage to invade and have long term influence to the Barbadian Brand
    Bush shite instead of crying “foul” when a foreign investor use a democratic and a capitalist system to enrich themselves you ought to use your mouthing to educated /teach your brothers and sister that a penny earned can be profitable if planted in fertile soil

  17. David Avatar
    David

    Here we go again.

  18. ac Avatar
    ac

    The matter is not here we go! but how and what mechanisms we use in our favour to get there

  19. Bush Tea Avatar
    Bush Tea

    @ David
    Boss, arguing with AC is like getting into an accident with a shit truck.
    There is no advantage to being in the ‘right’,
    ….you still end up with ‘jobby’ all over your clothes.

    …best to take another road altogether….

Older Comments
1 2 3 4

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading