ANSA Mc AL FREEZES TRADING OF BANKS HOLDINGS SHARES

If Ansa McAL succeeds in bringing Banks Holdings Limited into its vast protfolio of local and ragional businesses, it will cost the conglomerate over 400 million dollars.

President, CEO of Ansa Mc Al (Barbados) Limited, Nicholas Mouttet vowed that even after the injunction to freeze trading is lifted they will keep the offer of 6 dollars per share for all involved as a sign of good faith, they emphasised this 50% more than the highest offer for BHL.

President, CEO of Ansa Mc Al (Barbados) Limited, Nicholas Mouttet vowed that even after the injunction to freeze trading is lifted they will keep the offer of 6 dollars per share for all involved as a sign of good faith, they emphasised this 50% more than the highest offer for BHL.

Mouttet said his group was very keen to avoid any unnecessary delays in the takeover process and had requested of the court a short interim injunction period and an early hearing to limit inconvenience to shareholders.

He also denied any involvement with a circular going around which is critical of the current takeover process, and he also expressed gratitude for the legal advice of Pat Cheltenham QC;-

He also denied any involvement with a circular going around which is critical of the current takeover process, and he also expressed gratitude for the legal advice of Pat Cheltenham QC;-

The CEO told media that Ansa McAL wanted to acquire BHL since at least 11 years ago, but far more discreetly than what is happening now – which is why they sought the injunction to give all sides time to reconsider;-

With the temporary injunction, the Trinidad conglomerate Ansa McAl now has until November 11, to raise objections to the sale of the local beverage company.

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BHL Attorney Barry Gale Queen’s Counsel said they were surprised by the move, particularly after the directors rejected calls by ANSA MCal for the board to challenge the contentious agreement in a meeting on October 27.

Gale cautioned the move will have implications for the company and shareholders.

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