Jamaica Gleaner / Caught off guard by what appears to be a dual effort by new Trinidadian shareholder Zodiac and investment house Mayberry at a hostile takeover of the Supreme Ventures Limited board, the current directors are huddling with their lawyers on how to respond to the move.
In the meantime, Mayberry itself is holding back on its motivations, saying that it would be more forthcoming at a press conference that is scheduled for Monday.
The extraordinary general meeting (EGM) requested by Mayberry West Indies Limited and connected parties to remove and replace seven members of the current 10-member SVL Board is still to be set.
“We are waiting on our lawyers to give us an opinion,” said SVL chairman and founding shareholder Paul Hoo on Friday. He is one of the seven targeted for eviction from the board, the other six being Peter Chin, Richard Foreman, John Graham, Steven Hudson, Ian Moore, and James Morrison.
Mayberry wants to replace them with Christopher Berry, Gary Peart, Nicholas Mouttet, David McConnell, Peter McConnell, Ansel Howell, and Lance Hylton.
The three board members not targeted are CEO Ann-Dawn Young Sang; Brent Sankar, who was an Intralot nominee; and Ian Levy, a founding shareholder and deputy chairman of SVL.
The SVL Board allows for a maximum of 12 members but currently has 10 directors, following the resignation of Intralot-connected directors Nikolaos Nikolakopoulos and Georgios Sampson last week.
The resignations made way for Zodiac to nominate two representatives.
It is understood that the SVL Board was asked to consider three nominees at a board meeting held this month, but it only signed off on two, with a decision pending on the third.
As to whether the board approved the three, Hoo said that he needed to be guided by SVL’s lawyers as it was unclear what information could be released without breaking stock market rules.
He also told The Gleaner that both their overall response to the board takeover and the meeting date would be determined by legal advice.
Zodiac International Investments & Holdings Limited acquired full control of Intralot Caribbean Ventures Limited from its Greek partner Intralot SA, a deal that served to double its stake in SVL to 49.9 per cent, earlier this month. However, Zodiac is expected to give up a portion of its ownership to underwriters of a US$40-million bond that Mayberry Investments Limited is arranging on its behalf to finance the Intralot Caribbean deal.
The bond is being issued in three tranches between now and December.
SVL on Friday said that Zodiac now owns 38.3 per cent of the lottery company. The Gleaner also understands that the connected parties that requested the EGM – Mayberry West Indies, Bamboo Holdings Limited, and Konrad Mark Berry – are said to own around 10 per cent of SVL among them. Hoo himself holds a 5.7 per cent stake.
Asked whether he feared that the move to oust the board was the first step towards a takeover of the company, Hoo said that he had seen nothing yet to lead to that conclusion but did not discount the possibility.
He said that the board would need assurances regarding the new Trinidadian owner’s intentions as it is a condition of the company’s lottery licence that SVL remain a publicly traded company.
CARACAS.- La espera terminó y los Rays de Tampa Bay, en teoría, reforzaron la posición que menos le estaba aportando a la ofensiva con el regreso del criollo Wilson Ramos a las mayores. ?Estamos felices por tener a Wilson Ramos con nosotros? , dijo Kevin Cash a MLB.com. ?Me imagino que probablemente tenía algunas inquietudes…
La compraventa de inmuebles como Torre Agbar, Xanadú y el Edificio España aumenta un 70% la inversión en el primer semestre hasta los 6.000 millones de euros. La inversión inmobiliaria vuelve a registrar cifras récord en el mercado español. A falta de apenas cuatro días del cierre del semestre, la compraventa de edificios y solares…
san fernando Prime Minister Dr Keith Rowley prayed with members of the Muslim community and distributed zakat (charity) to the needy as he celebrated Eid-ul-Fitr at two masjids in San Fernando yesterday. He attended the Eid services on an invitation from Minister of Local Government Kazim Hosein, who is also referred to as a…
gasparillo The mother of a disabled child was shot dead inside her apartment in Gasparillo yesterday. Ornella Philips, 28, was shot once in the chest. Her body was discovered lying in the living room around 10 a.m. The country’s murder toll now stands at 243. Her eight-year-old daughter, Kayla, has cerebral palsy and depends…
ISTANBUL (AP): Turkish police stopped activists for lesbian, gay, bisexual, trans and intersex rights from gathering in large numbers for an LGBT Pride event in Istanbul yesterday, but smaller groups made impromptu press statements, defying a ban imposed by the governor. Organisers of the 2017 Istanbul LGBTI+ Pride had vowed to march in central Taksim…
LONDON (AP): The list of high-rise apartment towers in Britain that have failed fire-safety tests grew to 60, officials said yesterday, revealing the mounting challenge the government faces in the aftermath of London’s Grenfell Tower fire tragedy. All of the buildings for which external cladding samples were so far submitted failed combustibility tests, Communities Secretary…
BAHAWALPUR (AP): Alerted by an announcement over a mosque’s loudspeaker that an overturned tanker truck had sprung a leak, scores of villagers raced to the scene with fuel containers yesterday to gather the oil. Then the wreck exploded, engulfing people in flames as they screamed in terror. At least 153 men, women and children were…
WASHINGTON (AP): Making a final push, United States President Donald Trump said he doesn’t think congressional Republicans are “that far off” on a health overhaul to replace “the dead carcass of Obamacare”. Expressing frustration, he complained about “the level of hostility” in government and wondered why both parties can’t work together on the Senate bill…
While reliving the horrors experienced by so many families after another spate of bizarre violence across the country last week, I couldn’t help but picture Tourism Minister Ed Bartlett’s rictus grin plastered on television screens while the elderly and even suckling babes were being gruesomely slaughtered inside their homes. While the rest of us were…
- 25 June, 2018 ‘Cwtch’: The hug invented by the Welsh
- 24 June, 2018 Bulldog inglés gana título de “Perro Más Feo del Mundo”
- 24 June, 2018 Autoridades locales en Florida niegan el acceso al albergue para niños
- 24 June, 2018 Honda le da empate a Japón 2-2 con Senegal
- 24 June, 2018 Padres deportados expresan angustia mientras opositores mantienen presión
- 24 June, 2018 Líderes europeos reunidos en Bruselas tratan desavenencias sobre migración
- 24 June, 2018 EE.UU. importó más pescados en 2017 que nunca
- 24 June, 2018 Explosión destruye edificio en ciudad alemana de Wuppertal
- 24 June, 2018 Kushner presentará “pronto” plan de paz para Oriente Medio
- 24 June, 2018 Trump proponer deportar inmigrantes ilegales sin detenerlos ni procesarlos