Wednesday is decision day for shareholders of Almond Resorts Inc., as the immediate future of the Almond Beach Club in St James is in their hands.
The board of directors has called the company’s shareholders to a special meeting on Wednesday to vote on a resolution that would sanction the directors’ decision to sign a purchase agreement with Fairweather Holding Co., the operators of Elite Island Resorts Caribbean.
At that meeting, the shareholders will be asked to approve a $33 million purchase offer from St Kitts-registered Fairweather Holding.
However, in an information memorandum sent to shareholders of Almond Resorts Inc. (ARI) earlier this month, the directors revealed that of the $33 million that Fairweather was offering, about $30 million would be paid to the Bank of Nova Scotia to reduce Almond’s outstanding debt.
