BOTH BANKS HOLDINGS LIMITED (BHL) and ANSA McAL, the Trinidad conglomerate trying to buy it, are holding on to their opposing positions as they await the court’s adjudication.
Senior representatives of the companies held press conferences two hours apart today with ANSA McAL Barbados chief executive officer Nicholas Mouttet saying regardless of what the court eventually determined the company would not be withdrawing its offer for all of BHL’s shares.
On Tuesday evening at 6 p.m. ANSA was granted a restraining order by Chief Justice Sir Marston Gibson, which effectively put the takeover battle on pause.
It ordered the forthwith pause of all bidding for BHL shares and amended the expiry dates of the amended offer and takeover bid offers by both ANSA and competing bidder SLU Beverages.
Sir Marston said the court would consider arguments regarding the controversial clause in the 2010 finance agreement between BHL, Latin Capital Fund 1, and SLU on November 11.
BHL attorney Barry Gale QC and Chris de Caires, chairman of the special committee BHL has established to deal with the takeover matter, said BHL was within its legal right and had done nothing wrong under the law in relation to the agreement with Latin Capital/SLU, and the arrangement was now being reflected in the company’s improved financial performance.
Speaking at a press conference at Accra, Mouttet and ANSA’s lawyer Patterson Cheltenham QC said contrary to what might have been stated, ANSA only became aware of the controversial clause in the agreement between BHL and Latin Capital/SLU after it had made its initial offer.
He reiterated the call for the directors to resign over the matter and said ANSA was confident it was on good legal grounds. (SC)
