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Jan 18, 2005

Prosser changes course on Intelco purchase

It has as many twists as the Hummingbird Highway and today the sad saga of Belize Telecommunications Limited took a new turn. In a press release today the company announced that its board had decided to reverse its decision to issue twenty-four million new BTL shares and instead will acquire the assets of the bankrupt Intelco through the purchase of the secured interests of Intelco’s largest creditor, the Trinidadian Bank RBTT. The note with RBTT will be financed through a loan from BTL’s parent company, Belize Telecom, the entity created by Chairman Jeffery Prosser to facilitate his purchase of BTL last year. The move by Prosser appears to be the latest gambit in a high stakes game of chess that has aroused the interest of former BTL owner, Michael Ashcroft. Ashcroft has repurchased a number of shares and formed an alliance with minority shareholders to challenge Prosser’s moves in the Supreme Court as being against the best interests of the company.

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