Jul 2012 Financial News

Buyer recommended for Almond Beach Club; 3 offers for Village

Jul 09, 2012

THREE offers have been received for the closed Almond Beach Village (ABV) while a buyer has been recommended for Almond Beach Club (ABC).

Chairman of Almond Resorts Incorporated Arthur Lok Jack and Deputy Chairman, Gervase Warner, made these disclosures while reviewing the Group’s results for the half year to March 31, 2012.

“A buyer has been recommended for ABC and the Board’s proposal to shareholders will be voted on at an Extraordinary General Meeting which has been called for July 25, 2012,” they said.

“Three distinct offers/proposals have been received for ABV and the Board is currently working with the potential buyers and other stakeholders to negotiate the best deal for shareholders with the highest likelihood of success,” according to them.

ARI reported net losses of $15.5 million at the end of March this year.

The two ARI officials said that the net equity position of the Group now stands at $14.2 million and that this position will be affected negatively by the expected operational losses “as we come out of the winter season”.


Source:
Barbados Advocate
Monday July 9, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=25784