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Dec 29, 2006

Citrus share sale is done deal

Story PictureIn news from the citrus industry, a press release today has announced that the sale of almost half the company is a done deal. According to the Citrus Growers Association, following two separate decisions in the Supreme Court, on Friday December twenty-second, forty-six point five nine percent of the shares of Citrus Products of Belize has been transferred to Banks Holdings Limited and Blue Waters Limited. The release points to the court approved restructuring of CPBL’s balance sheet to allow for the issuance of dividends in the event of profits and the court’s denial of an injunction to stop the completion of the investment agreement. So, where does this leave the report of the committee of five appointed to review that investment agreement? Well according to the release, all parties have signed a side agreement to implement certain post completion items, including a commitment to execute a supplemental agreement to incorporate recommendations of the committee. The deal to sell the chunk of the company to the Eastern Caribbean investors came under fire from members of the Citrus Growers Association who contended that the agreement had been signed in secret and was in fact not written to be beneficial to the growers. Until last week, more than ninety percent of CPBL was owned by the members of CGA.

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