BANKS HOLDINGS LTD is standing by its decision to seek the consent of only its major shareholders for a convertible debt option to fund a $50 million state-of-the-art brewery. Last week accountant Doug Skeete described the move as “unconscionable” and discriminatory against minority investors. However, chief executive officer Richard Cozier told BARBADOS BUSINESS AUTHORITY that the circular sent out to all shareholders provided a number at which he could be reached to respond to queries. He said dealing with shareholders one-on-one is much easier for both parties. “When we call meetings, invariably we do not get all 3 000 shareholders,” he said. Cozier said BHL had met all the requirements of the relevant regulatory bodies, including the Barbados Stock Exchange, the Securities and Exchange Commission, the Central Bank of Barbados, and the Ministry of Finance.
Therefore, he said, there was no reason why shareholders should take legal action against the beverage conglomerate which has six subsidiaries. Cozier said the new brewery that is to be constructed at Newton, Christ Church, would be the most modern in the Eastern Caribbean.He explained that some of the equipment in the Wildey, St Michael plant had been there since the early 1960s and much of it needed to be replaced. The CEO said “the cost of buying it is the same” whether it is placed in the old brewery or in the proposed one.However, he noted that it would be more appropriate to install it in a modern facility. (NB)
