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BHL and SLU Directors– What if …

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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

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

  1. Lee Avatar
    Lee

    Yes: $10.00 per share. Our thanks go to the competency of BHL’s directors . . . who made sure that they have shares themselves. I hope you will all reinvest your capital inflow wisely, there will be hard times ahead for circus performers !!

  2. de Ingrunt Word Avatar
    de Ingrunt Word

    David, this is well into the legal quagmire that affords well appointed offices and life-styles to those who are adept at the practice of law and as a non-lawyer the basic bone of contention to me is this matter of ‘redeemable’ shares.

    Why are they now being categorised as such and not ‘convertible’?

    These nuances of course have specific legal standing but as a layman there appears no basis for an argument to label the shares as ‘redeemable’ .

    The Board may have been otherwise complicit to effect unethical long term actions but as the 2010 agreement specifically denied BHL the right to buy back or redeem these SLU shares this position seems rather tenuous to me.

  3. Gabriel Avatar
    Gabriel

    I am of the opinion that the statements by Gale and DeCairies are self serving and unworthy of comment.

  4. NorthernObserver Avatar
    NorthernObserver

    ATrue read in the companies act, that redeemable shares cannot be common shares. [Does it follow that common shares cannot be redeemed?] I caution because I am unsure as to exactly whom certain benefits accrue, I may use inaccurate descriptors (lender vs noteholder etc]

    BHL issues 56 Notes at $1m each. Each note carries an interest rate and repayment terms OR, the note could be converted into BHL Common Shares at $4/share [250,000 shares per note]. Almost immediately after the note issuance, 53 of 56 notes are converted into 13,250,000 shares in BHL. It was later understood, that due to agreed terms of this financing deal, BHL could not issue further shares without the express approval of the noteholder. The objection was, the entity providing financing had been afforded rights [the ability to stop additional shares being issued], which did not accrue to the existing BHL shareholder. As such, was this not a new Class of Common shares? Or did the rights afforded not accrue to shares but to something else?

    More recently, we have also learned, the note financing deal also affords the lender the ability to demand their shares be repurchased at 2.5 times the issuance price of $4/share. One trigger being when any other single shareholder owns 25% or more of BHL’s outstanding shares.

    One inference, is this makes the common shares issued upon the note conversion, redeemable shares. Or at least, they have a redeemable feature should certain conditions be met.

    We are now DEEP into legal lah-lah land.

    It may be argued, a share repurchase feature, is not a redeemable feature? Or, the feature forcing the share repurchase is not tied to the shares, but to something else (lender, note, financing deal etc) In other words, the common shares issued upon conversion were no different from any other common shares. What was different were the benefits afforded the lender, noteowner etc (or to whomever the legal beagles selected)

    The legal injunction granted, is to afford legal arguments, for and against the share repurchase requirement (and potentially other matters) BHL is claiming it is both legal and enforceable, while Ansa is claiming it is not.

  5. Well Well & Consequences Avatar
    Well Well & Consequences

    http://www.nydailynews.com/new-york/nyc-crime/3-indicted-stock-scheme-linked-sopranos-article-1.2424041

    These dudes are pump and dump artists, they are not ready yet. White collar crime is not recognized yet in the islands or these directors would be in prison.

  6. Atrue Freeman Avatar
    Atrue Freeman

    NorthernObserver November 5, 2015 at 2:10 PM #

    That is why this is very interesting. I believe the thinking is that the common shares represent the basic, permanent capital of the company, to remain until dissolution – the captain of the ship. Remember the credit unions had a challenge some years ago because all shares were redeemable, which resulted in the creation of permanent shares. I also believe the law should look beyond the form of multiple transactions to the substance of the total – i.e. a common share plus a side agreement that gives the holder of the common share the right to redeem the share for cash subject to specific conditions are together the same as a redeemable share that gives the holder the right to redeem the redeemable share under the same specific conditions. To do otherwise may open the door for companies to circumvent the companies act by using side agreements to: alter the rights attaching to shares without the required approval; vary the rights of some shareholders, to the detriment of others, within a single class; etc.

  7. NorthernObserver Avatar
    NorthernObserver

    From an AmBev ad in Barbados Today……AmBev/CND acquired SLU in September 2015.
    So who exactly owned SLU prior to this? And who is LRE corp?

  8. Bush Tea Avatar
    Bush Tea

    @ NorthernObserver
    So who exactly owned SLU prior to this? And who is LRE corp?
    +++++++++++++++++++++++++++++++++++++++++++++++++++
    BRILLIANT!!!!
    THAT is the key to the whole saga….

    Bushie strongly suspects that the answer to THAT question will explain much….

  9. David Avatar
    David

    So what is David Simpson and Jeremy Stephen saying to Barbadians about not getting emotional? In essence suggesting Barbadians need to be focused on generating FDI. Isnt this a moot point if the SLU, anSA, Ambev appears to be a governance issue as well? What does this mean as far as nurturing a climate for Bajan businesses to thrive.

  10. Bush Tea Avatar
    Bush Tea

    @ David
    These fellows are jokers – just like Arthur, Mascoll and many other so-called ‘economists’ (what ever the hell THAT is…) talking a lotta bullshit theory from the last century.

    Dave Hinds put the whole thing is a more sensible perspective thankfully….

  11. de Ingrunt Word Avatar
    de Ingrunt Word

    @Northern, according to available details the owners of SLU back in 2010 was Latin Capital, a venture capital firm. There is really in my view very little intrigue to this matter.

    The BHL Board made a clear and unequivocal business deal that significantly enhanced the company’s value based on its issued shares.

    They also at that time knowingly gave their new partner a clear and unobstructed path to take over the company and did all that with the tactic approval of a majority of shareholders from whom they withheld vital aspects of the business arrangement because their chairman Sir Allan Fields had it on good advice from the Central Bank Gov, the SEC and a host of other important people and regulators in legal and financial circles that their similar actions in the past were completely above board.

    No intrigue, whatsoever.

    Ethical, legally sound or the right thing to do…that’s different; thus enter the lawyers.

  12. de Ingrunt Word Avatar
    de Ingrunt Word

    I would also add that back in 2010 the BHL Board knew the following:

    — That ” the global beer industry [had] transformed dramatically in recent decades. Two key trends [were] … 1) consolidation resulting from mergers, acquisitions and joint ventures, and 2) the largest firms expanding into new regions. While beer was previously a very local product, these trends have combined to result in approximately half of global sales being controlled by just four firms: AB InBev, SABMiller, Heineken, and Carlsberg”

    And as was noted in the report, ‘Beer Mergers: Are The Micro Brewers Doomed? http://www.investopedia.com‘ : “… The wave of mega brewer mergers is changing the market for investors and for beer drinkers. As the large brewers acquire each other, they are consolidating the market for national brands ”

    All of that and more would have been FULLY ventilated in strategy meetings for a beer company investing millions of $$ in a new plant.

    The fact that they sought out a venture capital firm from whom to borrow the funds and issued them with such ‘sweet-heart’ terms is as impressive as the Hansel & Greta fairy-tale where gorging on sweets had dire consequences. Unlike the kids, however, these grown up were very aware of the consequences.

    Current chairman King said recently that those terms were “a common feature in the type of financing from a venture capital firm.” And least we are confused one definition of a venture capital firm is: “… a pooled investment vehicle that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans.”

    BHL were definitely NOT too risky for standard bank loans so focus on the “invests the capital of third party investors”.

    It was pellucid that this was a ‘take over’ option.

    No intrigue, just straight forward business planning…so why hide this from the shareholders?

    Well, that’s what all of this bidding and legal wrangling may flesh out! Follow the money as they say.

  13. Gabriel Avatar
    Gabriel

    The private and the pblci sectors are on board when it comes to dealing with egg on their faces.
    BHL is experiencing a public relations nightmare with its sale of BHL so what do they do?They appoint an Interim chairman of a special committee of the BHL board to handle the press release and public relations.
    BWA is experiencing a public relations nightmare with its handling of a festering major disaster waiting to happen in the South Coast Sewerage Project.Mia threaten them to go public with it.JA Boyce respond…its the BLP fault,never mind we were the government for the last 7 years! Atlee,the octogenarian -grinning- chest- open- big chain -thug- looking chairman got the answer.BWA set up a multi disciplinary committee to help the country avert a possible health crisis particularly on the south coast.Now here’s the clincher……They have been given a timeline..I THINK they are working on it!!
    He THINKS they are working on it..standpipes,4 hour bus waits,a sewerage system busted for several years and now BWA THINKS a committee is working on it to fix it.Well!Well!!

  14. NorthernObserver Avatar
    NorthernObserver

    @ IW: your obvious tongue in cheek style makes interpretation occasionally difficult.

    To state “BHL were definitely NOT too risky for standard bank loans”, I believe is questionable. The local banks whether of Canadian or British origin, have taken a hammering in their loan portfolios over many years. Large operations like RBC have withdrawn from the region in certain banking areas, at the demand of their ‘risk assessment’ officer. For some years Scotiabank implemented stricter requirements for loan applicants. BHL, after multiple acquisitions was debt heavy and performance very average. Plus lenders have to factor in the consequences of a potential devaluation.

    So it would not surprise me, if BHL were forced to look at the secondary lending markets. And it is accurate they come with far more aggressive requirements. They are widely known as the Sharks, and for good reason.

  15. `Walter Blackman Avatar
    `Walter Blackman

    de Ingrunt Word November 6, 2015 at 11:09 AM
    one definition of a venture capital firm is: “… a pooled investment vehicle that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans.”

    de Ingrunt Word,
    It’s Friday afternoon, and I need to relax after a hard day’s work.

    So what is the definition for two white men, or Arabs in a ship, who come knocking on Barbados’ door, to invest in a country that is “too risky for the standard capital markets or bank loans”?

    Pimps? Or sailors?

    LOL

  16. de Ingrunt Word Avatar
    de Ingrunt Word

    @Northern, I was only being mildly ‘tongue in cheek’ actually. The BHL BS (Bal Sheet, not the other BS although there was a lot of that, too) was not overly debt riddled.

    They were coming off an overall profitable year (s) and all in all would have been able to service a loan (seems to me) with less onerous terms to the shareholders from one of the banks.

    But people willingly fish for sharks often despite the known risks. And it’s always a spectacle when they get bitten badly.

  17. de Ingrunt Word Avatar
    de Ingrunt Word

    @Walter, or pimping sailors…

    Alas there are always people looking for pimps and sailors looking for those who are pimped.

    A wonderful french collection some would say…what do they call it again… menage a trois or is it menagerie!

    My french is tres mal.

  18. Bush Tea Avatar
    Bush Tea

    @ NorthernObserver
    IW…your obvious tongue in cheek style makes interpretation occasionally difficult.
    +++++++++++++++++++++++++++++++++++++++++++++
    So diplomatic……

    Are you saying that Dee Ingrunt Word does talk nuff shiite sometimes …?!? 🙂
    ….cause that is what Bushie has been trying to tell him for some time now.

    You ask a SIMPLE question …
    “So who exactly owned SLU prior to this? And who is LRE corp?”
    …and DIW goes off on some shiite tangent about how ” The BHL Board made a clear and unequivocal business deal that significantly enhanced the company’s value based on its issued shares.”

    Lotta shiite!!
    Who the hell is Latin Capital?
    Who OWNS it?
    …some shiite place …incorporated in St Lucia and operating in Surinam?
    A $100.00 website with NO NAMES, NO phone numbers, just email contacts….
    Who the donkey are the PRINCIPALS?

    Here it is we don’t even know who owns CAHILL after YEARS of intense scrutiny, and DIW glibly dismisses your “simple question” with …’according to available details the owners of SLU back in 2010 was Latin Capital, a venture capital firm. There is really in my view very little intrigue to this matter.”

    YOUR VIEW?
    So do you KNOW for a fact then, that there in no intersection of ownership of Latin Capital and BHL interests?
    Steupsss…

    Boss, sometimes it is better to ASK a question…..

  19. de Ingrunt Word Avatar
    de Ingrunt Word

    @BushTea, you work yourself into these conniptions for exercise or for your daily self satisfaction.

    Glib I was not, oh wise gentleman. Like you my search when this matter first came to attention also pointed to some Suriname office address and immediately I was like a wilder-beast at a watering hole: looking around suspiciously. Suriname as a center of high-end financial dealing, really!!!

    So you want me to be slanderous like you and impute all types of unknown connections to the BHL directors….not me and dat. AnsaM paying lawyers some good coin to ferret into those tunnels.

    I staying above ground and stating clearly that the Directors “made a clear and unequivocal business deal that significantly enhanced the company’s value …”. You can read that in Spanish or English; like @Northern or in plain English.

    I tell you already that your brass bowl Credit Union – of which you were complicit – are the ones to be held responsible for all this financial shiittee. Do they have any shares in Goddards? Now basically the ‘last of the Mohicans’. Or will we have this same dance five or 10 years out?

    Bushie, fah real… you getting a conniption about practical remarks on a matter that was 15+ years in the making… back when a determined CU effort would have made a difference in those Board rooms. All that talk from Sir Hilary to bring us to this.

    Fah real…Cha…!!

    The available evidence shows that they gave up the company to Latin Capital who were clearly not intended to run a brewery and were going to sell their stake quite profitably at the earliest possible opportunity. The evidence also suggests that they may have acted contra the Company Act in offering a put option at $10 to forestall any takeover.

    That’s all real.

    You can speculate about collusion. It’s great copy….and who knows you may be absolutely right or slanderously wrong!

    BTW who owns Cahill is not important prima facie. We know the damn thing is a shell corp with fake financials. Why our government is STILL conducting business with then is shocking.

    In any other jurisdiction the release of that first tape this week would have caused an unholy furor. Journalists would be camped outside Cowan’s door, outside Boyce and the PM’s office. The opposition would be baying for blood.

    Thus Bushie, practical people make simple statements. Cause its clear the end is nigh…I leave the rants to you.

  20. NorthernObserver Avatar
    NorthernObserver

    I guess I will wait for the legal beagles to work.
    @IW
    GEL timeline is accurate. The Goddard block is held mostly among the grandchildren of the founder. They are now in the 60-80+ range. It is when they pass, that shiite will hit the fan as a huge number of the great grands don’t live in Bim. And GEL ceased hiring family circa 1980. A large number could sell the shares.

  21. Bush Tea Avatar
    Bush Tea

    @ Dee Ingrunt Word who said…
    “…So you want me to be slanderous like you and impute all types of unknown connections to the BHL directors….not me and dat. AnsaM paying lawyers some good coin to ferret into those tunnels.”
    ++++++++++++++++++++++++++++++++++++++++++++++++
    How the hell could it be slanderous to ask WHO owns a company that has behaved suspiciously?
    Skippa, if you are not prepared to use your common sense to ask SENSIBLE questions then it is better to hush…. Bushie already warned you about this ‘lukewarm’ business.

    Look…
    If you were a dishonest person with tons of money in the bank (from previous dishonest deals) …at low interest rate …would you not consider going into the “venture capital” business?

    …and if you went into such a ‘business’ would you not be looking for great deals that could net you 250% interest in five years?

    …and if you were in a position to direct such a ‘deal’ to your ‘Venture Capital’ company, would you not be tempted…? Shiite man…. you may even take some questionable management decisions which ‘force’ a certain company to take up this venture capital loan against all common sense….

    …BUT then when you see the CAHILL shiite hitting the fan – and splashing jobby all over the place – would you not sell FAST- at a modest profit, …and hope that your venture capital scam fades into history before reaching the fan….?

    ….just asking for your speculative opinion…..cause it seems to Bushie that this is the question that NorthernObserver asked…. 🙂

    LOL
    Ask David who started to callout CAHILL as a monumental scam here on BU….?
    ..or check fuh yourself… 🙂

    If it walks like a duck; quacks like a duck; has webbed feet; …and shiites STINK….you betta believe it Boss…

  22. de Ingrunt Word Avatar
    de Ingrunt Word

    Your speculative scenario is excellent. That is the type investigative sniffing that wins Pulitzer awards for journalists in the US when it is affirmed with evidence.

    Funny thing is that its very, very easy to find conspiracies or see ‘glaring’ instances of wuthlessness; the problem is proving that your speculation is right beyond any doubt – reasonable or otherwise.

    So you saw CAHILL…OK, Good stuff.

    What about the seeming conspiracy that Credit Union leaders awash in investment capital dip-si-doodled and conspired with corporate chieftains to allow heart & soul Bajan companies to be bought up by all and sundry? Is that a common-sense, thinking man’s question also?

    Or is it better copy to assail the white corporate elite as conspirators to sell off our ‘birthrights’ to anyone but Black Bajans.

    The problem Bush Tea is that we all see what we want to see…The conspiracies abound, cause it’s easy to speculate – Easy Like Sunday morn as Lionel Richie would say.

    So I’ll let the lawyers dig into that deal that converted a $2.49 share to $4 to $10 with a venture capital firm outta St. Lucia by way of Suriname and other places and owners unknown.

    Just as I will let them dig into why a Chief Justice would step into straight-forward tax assessment matter to deny a citizen his rights and effectively dismiss him from his profession without due process. Conspiracy!!

    BTW, did you hear about the speculation that US black op agents downed that Russian plane over Egypt and blamed ISIS. Russia and US against ISIS. Wha-plax.

    Now that is Pulitzer award sniffing there too. Just saying.

  23. Atrue Freeman Avatar
    Atrue Freeman

    Presumably the arbitration in Miami under NY law, which BHL’s lawyer referred to, relates to disputes between BHL and SLU under the agreement, but would the provisions of the agreement govern a third party challenge to the agreement?

  24. Nostradamus Avatar
    Nostradamus

    @ Atrue Freeman

    That’s exactly what attorney at law Barry Gale should have been asked when he was on CBC TV news tonight. Was it a press conference or was he just making a statement?

  25. Gabriel Avatar
    Gabriel

    The traitor plantocracy and their henchmen can’t seem to forget that the today bajans not buying their old outdated imagery.You simpletons must understand Massa Day Done and stop the nonsense of trying to make this an ‘us’ vs ‘them’ issue.

  26. Atrue Freeman Avatar
    Atrue Freeman

    http://www.nationnews.com/nationnews/news/74376/sir-marston-hearing-bhl-matter

  27. Buxton Billy Says FJS is a LIAR Avatar
    Buxton Billy Says FJS is a LIAR

    Freeman
    Politics injected, shareholders gone get less, buyers got to pay more. LOL.

  28. Buxton Billy Says FJS is a LIAR Avatar
    Buxton Billy Says FJS is a LIAR

    Anthony King is a piece of work.

  29. Gabriel Avatar
    Gabriel

    I drove behind him a few years ago and was amazed at his antics while driving.He was fidgeting like one showing mild st vitus dance.Assuming Ansa get the nod from the CJ,I expect Ambev to backraise them as hinted in their last press release.

  30. Buxton Billy Says FJS is a LIAR Avatar
    Buxton Billy Says FJS is a LIAR

    Gabriel, ANSA can’t lose, even if Amber succeed in buying then they would have to by ANSA’s shares (if they wanted to sell) at the inflated price, no?

  31. Gabriel Avatar
    Gabriel

    Agreed but I think Ansa wants to get their hands on the BHL asset.It could be a problem for Barbados because of higher manufacturing costs and very generous social legislation all contributing to a higher marginal cost of production.

  32. Atrue Freeman Avatar
    Atrue Freeman

    http://www.barbadostoday.bb/2015/11/12/banks-hold/

  33. David Avatar
    David

    The lawyers as usual creaming off the top.

  34. Atrue Freeman Avatar
    Atrue Freeman

    A ruling is expected tomorrow (http://epaper.barbadostoday.bb/ – page 3), which will be significant regardless of the decision.

  35. Lawrence James Bauer, CFA Avatar
    Lawrence James Bauer, CFA

    Please let us know what happens.

  36. Atrue Freeman Avatar
    Atrue Freeman

    http://epaper.barbadostoday.bb/ (page 4)

  37. Atrue Freeman Avatar
    Atrue Freeman

    With the injunction lifted (http://www.nationnews.com/nationnews/news/74461/bhl-injunction-lifted), will the BHL directors issue a timely directors’ circular and recommendation on ANSA’s $6 offer?

  38. Atrue Freeman Avatar
    Atrue Freeman

    The court may be saying that if the offer price reaches $10 or SLU eventually offers a higher price than ANSA, the market will have resolved the issues. If ANSA eventually offers a higher price that is below $10, the matter may then interest and occupy the court.
    http://www.nationnews.com/nationnews/news/74499/trading-ban-bhl-shares-lifted

  39. Atrue Freeman Avatar
    Atrue Freeman

    Added by Barbados Today on November 15, 2015.
    Saved under Business, Local News
    http://www.barbadostoday.bb/2015/11/15/bhl-welcomes-lifting-of-injunction/

  40. Gabriel Avatar
    Gabriel

    A Freeman
    As I recall Ambev had indicated in one of its press releases that it is not stuck at its original offer of $4.00 seeing Ansa had reviewed its offer upwards to $6.50 therefore I am looking for a higher bid from Ambev by tomorrow close of business

  41. Bush Tea Avatar
    Bush Tea

    What the hell!!
    ..an OBVIOUS scam by some to sell off a sweet Bajan asset to persons unknown ….for a $4 pittance just happens to be uncovered because of a fallout among thieves, and we spend time speculating about how high these crooks will push each other…?

    Bushie still wants to know WHO EXACTLY owns LATIN CAPITAL …the finance organisation that received the sweetheart loan deal….. SURELY that shiite $100 website with NO information about anything is suspicious…
    What the hell is it with all these secret companies suddenly doing multi-million dollar deals in Barbados…? Latin Capital, Cahill Barbados Ltd….
    Wunna brass bowls ain’t worried that these may be owned by Russian MAFFIA or DRUG lords with nefarious intent….? …or by damn DIRECTORS?

    How the hell can we be so dense…?
    If we had REAL courts, by now everything would be clear and transparent and Bushie may even put in a bid for $12 for the damn BHL shares….

    But the injunction is lifted and we are no wiser about one shiite….
    And wunna surprise that Bajans don’t invest in these white people’s businesses…?!

  42. Gabriel Avatar
    Gabriel

    Bushie
    After marathon hearings,with top flight QC’s from over and away,the CJ has said…’man this is a market driven sale,so carry on smartly’……
    Meanwhile,there is an aedes aegypti spread Zika virus in Brazil and which has found its way into Santo Domingo..follow the mosquito Bushie….but it en name Ambev yet it seems to be following Ambev,so Buhbaydus beware.There is no vaccine or prevention medication..caveat emptor.

  43. NorthernObserver Avatar
    NorthernObserver

    Folks…cool down
    Ambev’s bid pre injunction was $5.60, Ansa was $6. Ansa has publicly stated their bid stands.
    Exactly all of whom is in Latin Capital (we know ex BHL director Origgi sp?) was with them, or exactly the source of their funds are facts we will never know. Since BHL directors and their lawyers like terms such as ‘convention’ or ‘standard’, one might as well appreciate loans of this magnitude come with ‘finders fees’ or introduction fees and again, we will never know to whom or how much was paid, if any at all.
    You can bet however, that part of the “value” of the converted shares was the value of the premium available should other parties attempt a takeover.
    We can debate, and even the courts may at a future date, whether the loan, including its terms was in the best interest of BHL shareholders.
    The battle now returns to the Battlefield. IF Ambev has already paid a premium to whomever owned the notes/converted shares they bought from SLU, are they willing to up their bid? Or do they quit, wait for Ansa to acquire the necessary ownership to trigger the poison pill, and then seek to get $10/share for their shares. Appreciate if Ansa is willing to pay $6, this premium is reduced to $4/share for their 13.25 million shares.
    BHL Directors will argue the current $6/share offer, represents a premium over both the book value and that accepted by Massy [$4] and this value has been generated by the new plant and their decisions.
    But they will still recommend the AmBev offer, because to do otherwise means they are ignoring the validity of the provisions of the note issuance. They have to factor in the cost of the share buyback.
    Ansa must do likewise, or take the chance they do not think the premium buyback provision can be enforced, and fight at a later date once they own BHL.

  44. Bush Tea Avatar
    Bush Tea

    Any society that is so willing to turn a blind eye to such unmitigated shiite at the highest levels of business is DOOMED to poverty, crime and servitude…… SIMPLE AS THAT.

    Only a complete brass bowl idjut would continually take the position that ‘what is done is done, so let us see what is the best that we can salvage’ when confronted with clear criminal actions at such a scale…

    Righteousness and JUSTICE calls for such malfeasance to be fully investigated; …for the culprits to be ferreted out and for them to receive their just desserts…. OTHERWISE, at all levels of the damn society, we will see greedy, low-life yardfowls looking to make similar shortcuts to satisfy their “God of Quick money”.

    This country FULLY deserves all that we are getting…and what we are going to be getting in the immediate future….

    BBs….

  45. Atrue Freeman Avatar
    Atrue Freeman

    http://www.thebhlgroup.com/page.cfm?p=pressreleases&read=BHL-Notice-To-Shareholders-November16th

    BHL Notice To Shareholders – November 16th
    November 16, 2015

    Shareholders are advised that, subsequent to the lifting of the interim injunction, the revised closing dates of the offer for their shares in Banks Holdings Limited are as follows:

    Revised Bid (per share) & New Deadline

    SLU Beverages, Ltd. (“SLU”) ($5.60): 3:00 pm on Thursday, 19th November 2015

    AM Caribbean Development Ventures Ltd. (“AMC”) ($6.00): 4:00 pm on Monday, 14th December 2015.

    The Directors are in the final stages of completing the Directors’ Circular with respect to AMC’s revised offer of $6.00 which was received on Wednesday, 4th November 2015 and expect to issue this very shortly now that the injunction has been lifted.

    Shareholders who have already lodged their shares with SLU Beverages, Ltd. are reminded that, with the revised closing date noted above, they have until 3:00 pm on Tuesday 17th November 2015 to withdraw their shares. Failure to do so by that time and date effectively locks them into the SLU bid unless SLU’s bid is further revised as such would result in an extension of SLU’s closing date.

    The Directors are conscious of the fact that shareholders circumstances are not identical and therefore advise that each shareholder should consider their options carefully including seeking the professional advice of their own advisors.

    Dated 16th November, 2015

    On behalf of the Board of Directors

    G. Anthony King

    Chairman

  46. Atrue Freeman Avatar
    Atrue Freeman

    http://www.barbadostoday.bb/2015/11/16/flow-gets-a-new-owner/

  47. Atrue Freeman Avatar
    Atrue Freeman

    SLU has increased its offer to $6.20

  48. David Avatar
    David

    And EMERA wants to buy the 19% shares outstanding in BL&P holdings 33$.

    Barbados market has become the play thing of international companies.

  49. Atrue Freeman Avatar
    Atrue Freeman

    http://www.businesswire.com/news/home/20151116005924/en/Emera-Offers-Purchase-Outstanding-Shares-Emera-Caribbean … Shareholders can elect to receive BB$33.30 cash or 2.100 Emera depositary receipts (“DRs”) per ECI share. Each DR represents an interest in one quarter of an Emera common share. An application has been filed to list the DRs on the Barbados Stock Exchange. DRs give Barbadians the ability to invest in the growth and success of Emera. DRs are not being offered to Shareholders who are residents of the United States. Each Shareholder in the United States shall receive $33.30 in cash for each ECI Share being acquired…

  50. David Avatar
    David

    Will the NIS sell?

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