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Apr 18, 2018

How Nursery Can Still Save Citrus

Henry Anderson

Despite its financial woes, all is not doom and gloom in the citrus industry.  There is optimism to report from the Plant World Nursery project.  C.E.O. Anderson believes that once it gets off the ground fully and the arrears are covered, the investment will provide monies for its stakeholders.

 

Henry Anderson, Chief Executive Officer, CGA

“We do not envisage Plant World Nursery just sitting and holding cash, it is for investors to grow in.  So if you are a grower and you buy shares in Plant World, you know that when you are paying X for a plant, you are getting back some through your dividends.  So it‘s like a hedge, the bond interest will be paid likewise January and July and you‘ll have a fiscal agent who will manage all of those things, you know.  So the security, there will be a sinking fund for the preferred shareholders managed by the agent.  From the revenue of the sales certain amounts will go directly to the sinking fund, so the management of Plant World can‘t touch that, it flies straight in.  Off the top, Heritage Financial Services will serve as the fiscal agent.  We had tried to see if government would consider any, to waive the taxes on these incomes but they said no, so it‘s like any other investment.  We will have a call option for the preferred stock on the bonds after 2020, just because the interest rates are very competitive and high ones.  These are not rated, no investment instrument in Belize is rated, I think that‘s something that as the market grows, will come.  Full financial disclosure in terms of audited financial statements and everything like that.  One of the other things, CGA will have a right of first refusal, so if a shareholder wants to sell, for shareholders, then CGA has the first right of refusal to buy, if they want to buy.  This is how Plant World has started, at this time, this is how we just started when it was erected, so it was not a complete production system or cycle at the time.  This, at this point, is where we had the facility by SSB, about two point five million facility, call it one and a half million facility so the plant sales jumped up quickly.”

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