Mar 2012 Financial News

Special meeting for Almond shareholders

Mar 22, 2012

A special meeting for shareholders of Almond Resorts Incorporated (ARI), a leading Barbados hotel, is scheduled for early next month.

This is according to information circularised to shareholders of the hotel group, which continues to experience some financial problems occasioned by the global economic crisis.

Chairman Arthur Lok Jack said that at the April 3, 2012 meeting, the Board of Directors of ARI will be providing an update on the financial position of the company, as well as detailing initiatives taken so far to resolve the financial difficulties which the company has been facing.

The meeting will take place at the Almond Beach Village, Heywoods, St. Peter, starting at 10.30 a.m.

Other items on the agenda will include an update on the status of a Scotiabank loan to the company and on its financial statements.

ARI has been very much in the news of late. Last week issues surrounding the company were raised in the House of Assembly by Opposition MP Mia Mottley, and there was a response by Minister of Tourism Richard Sealy.

Then on Tuesday in the Upper House, Senator Geoffrey Cave highlighted problems facing ARI, underscoring its benefit to the local tourism industry. He lamented that ARI could be closed.

However, the correspondence to shareholders revealed that the outlook for the operations of ARI is mixed.

“The hotels are well booked throughout the high season, albeit at lower room rates,” said the correspondence.

However, while the operations of Almond Beach Village continue to be challenging, Almond Beach Club and Almond Casuarina Beach has not been affected to the extent as Almond Beach Village.

In addition, shareholders were told that there was a delay in the release of the financial statements for the year ended September 30, 2011, and for the first quarter to December 31, last year.


Source:
Barbados Advocate
Thursday March 22, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=23572