THE CHAIRMAN of Banks Holdings Limited (BHL) has conceded that Trinidadian conglomerate ANSA McAL is at a disadvantage in its corporate battle for control of BHL.
Anthony King’s assessment came yesterday as ANSA McAL went on the offensive against the BHL board, hammering it over an exit clause in an agreement the company signed with Latin Capital Fund (LCF) in 2010 as part of a loan agreement to get $56 million to build a state-of-the art brewery at Newton, Christ Church.
ANSA McAL charged in a full-page advertisement yesterday that BHL’s board, “by not disclosing the existence of this unapproved ‘poison pill’ for over five financial periods, hid a potential $140 million liability faced by the company and by extension its shareholders.
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