Nov 2015 Financial News

ANSA McAL to appeal decision in BHL case

Nov 20, 2015

ANSA McAL is appealing a decision by Barbados High Court judge Justice Sir Marston Gibson to lift an injunction that blocked the sale of Barbados’ largest beverage company, Banks Holdings Ltd (BHL).

“The company will be joined by several other BHL shareholders who intend to bring a class action suit against BHL with a view to getting the ‘10 Put Option’ clause removed from the BHL/SLU agreement,” president and chief executive officer of ANSA McAL (Barbados) Nicholas Mouttet said in a statement.

ANSA and disgruntled BHL shareholders argue that the controversial exit clause gives SLU, which is owned by Brazilian conglomerate Ambev, an unfair advantage in to take over through its St Lucia subsidiary, SLU Beverages Ltd.

ANSA McAl has also made a bid to for BHL and had sought an injunction on the BHL/Ambev deal.

In advertisements in Barbados newspapers, a group of concerned BHL shareholders, who say they are “watching and waiting” said they are skeptical about the Ambev offer.

“We remain committed to selling our shares for the best price possible—but we will not be hoodwinked to sell without examining all the pros and cons of the buyers,” the shareholders said.

Source:
Trinidad Guardian
Friday November 20, 2015

http://www.guardian.co.tt/business/2015-11-20/ansa-mcal-appeal-decision-bhl-case