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BHL Offer is Best for BANKS, Best for Barbados

ANSA Barbados

ANSA IS ADAMANT!

OUR BDS$6.00 OFFER STANDS!

Contrary to what the Banks Holdings Limited (BHL) board would like the BHL shareholders and the public to believe, the agreement between BHL and SLU Beverages, (AmBev’s subsidiary), is not airtight and that the BHL board cannot force shareholders to sell to AMBEV.

This is the word today, as ANSA McAL stuck to its guns on its increased unconditional offer of BBD$6.00 to BHL shareholders which was announced on Wednesday, October 28, 2015.

ANSA also wants shareholders to know that BHL’s claim that if anybody else buys the company, it will likely to be bankrupt, is NOT TRUE, because the agreement is NOT enforceable and there is an antidote for this “poison pill”.

ANSA McAL, currently the highest bidder in the BHL takeover saga, said that it would be challenging the validity of the BHL – SLU agreement.

Mr Nicholas Mouttet, President and CEO of ANSA McAL (Barbados) Ltd said, “We will utilize all means available to us to ensure that this is not detrimental to BHL shareholders.”

This latest release from ANSA came as a direct response to reports that the agreement between BHL and SLU Beverages (AmBev subsidiary), was an airtight agreement between BHL, SLU Beverages and Latin Capital Fund (LCF), which financed Bank’s Brewery’s new $56 million Plant.

This agreement granted SLU Beverages, later purchased by Latin American beverage company AMBEV, a superior class of shareholding. It meant that if BHL sold to any company other than AMBEV, AMBEV would receive $10 per share while the other shareholders would receive $6 per share.

ANSA questioned how could the BHL board grant SLU and by extension AMBEV, superior rights over fellow shareholders without receiving permission from their shareholders to do so.

ANSA McAL is adamant that the deal between BHL and LCF is NOT enforceable and urges shareholders to take the highest offer of $6.

 

 

For further information:
Contact Alison Saunders
SFa Communications Inc
alisonsaunders@sfacommunications.com
Tel: (246) 435-3423 or (246) 230-0678

 

 

 

 

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Offer and Take-Over Bid Circular