D-Day for Almond

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.