Oct 2013 Financial News

Almond shareholders to meet next week

Oct 10, 2013

SHAREHOLDERS of the Almond Resorts Incorporated will have their say next week on Government’s offer to acquire the closed Almond Beach Village in St. Peter.

A special meeting of the shareholders of the Hotel Group has been called for October 17, 2013, said the Barbados Stock Exchange where Almond Resorts Incorporated is listed. On September 13 this year Almond Resorts Incorporated and the Barbados Tourism Investment Incorporated (BTII) signed an agreement for the purchase of the Almond Beach Village.

However, the completion of the sale is subject to the company obtaining the approval of its shareholders.

A shareholder told The Barbados Advocate yesterday that he is eagerly looking forward to the outcome of the meeting. He said that it should be a good meeting and he expects shareholders will support the resolution approval of which is necessary for the sale of ABV to go through.
“People are not going to give up on their investment in the company,” he added.

Almond Beach Village is one of the last remaining major assets of the ARI Group. ABV was closed following the huge debt incurred.

Earlier this year the Almond Resorts Incorporated half year results showed net losses of almost $3.0 million.

In reporting on those results Chairman Arthur Lok Jack and the deputy Gervase Warner said the losses of $2.93 at the end of March 31, fell from losses of $15.50 million for the corresponding period in 2012.

“The operations of the company currently consist of the maintenance of the Almond Beach Village, holding of an investment interest in Casuarina Beach Club Ltd, the administration of accounts and the payment of necessary interest costs, administrative salaries, insurance, property taxes, and general upkeep costs,” Lok Jack and Warner said.

According to the two officials, the primary objective of the board of directors of Almond was to find a buyer for Almond Beach Village in St Peter and “several parties continue to express an interest in the acquisition”.

However, they noted that at that time none of the interests was translated into acceptable offers but in the coming weeks the directors expect to progress to meaningful negotiations with a preferred buyer. (JB)


Source:
Barbados Advocate
Thursday October 10, 2013

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=32781