THE BARBADOS STOCK EXCHANGE (BSE) vetted the controversial $132.50 million exit clause in an agreement Banks Holdings Limited (BHL) signed in 2010 with Latin Capital Fund.
However, the regulators did not advise BHL’s board of directors to take the matter to shareholders for their approval.
That was among the revelations yesterday by BHL chairman Anthony King and managing director Richard Cozier as takeover bidder ANSA McAL turned up the heat on the BHL board with an advertisement that suggested the BHL agreement was a “poison pill”. This is a tactic used to discourage unwelcome takeovers.
But King told the SUNDAY SUN that the financing deal with Latin Capital Fund, provided a low interest rate, no upfront fees, and no principal repayment on notes until 2020.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.