May 2009 Financial News

Angostura Holdings Limited - Notice to shareholders

May 21, 2009

The following press release was issued by Angostura Holdings Limited:

The Board of Directors of Angostura Holdings Limited (Angostura) wishes to inform all Shareholders that it is unable to publish its Audited Financial Statements to December 31, 2008 within the extended timeframe of April 30, 2009. This is primarily due to on-going discussions with our Auditors, Messrs. PricewaterhouseCoopers (PwC), concerning the treatment of a major inter-company receivable from C L Financial Limited and other related issues. PwC require additional time to complete the audit of the Company’s Financial Statements for 2008.

The Board also wishes to advise that with effect from March 19, 2009 Ms. Carolyn John and Mr. Anthony Watkins were appointed to the Board of Directors by CLICO (Trinidad) Limited to represent its interest as a major shareholder. In addition, Mr. Ousik Yu has been appointed as a non-executive Director to the Board of Directors. These new Directors shall hold office until the next Annual General Meeting of the Company at which they shall be eligible for re-election by the Shareholders.

In the interim, the Board will continue to invest in the Company’s core Angostura bitters brand and spirits business both locally and internationally which remain a viable going concern. We are confident that this strategy will add ongoing value for shareholders.

The Board of Directors anticipates that the Audited Financial Statements for 2008 of the Company will be published on or before May 31, 2009. As a result, Shareholders will be advised in due course of the date fixed for the Annual General Meeting.

Source: Trinidad & Tobago Stock Exchange
Date:20-05-2009