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Jun 10, 2011

B.E.L. C.E.O. will deliver government buyout message to Fortis C.E.O.

Lynn Young

And though there are tough words coming from the Prime Minister, it is not difficult for critics to compare it to the takeover of Telemedia. Lynn Young says that he would convey the PM’s buyout message to Stann Marshall, the CEO of Fortis. News Five also spoke to Young this evening but he did not have any fiery rhetoric as the government stance is essentially the chronicle of a buyout foretold. Young was more concerned about the jobs of two hundred and fifty-five permanent and thirty-five semi- permanent apprentice linesmen as well as the eighty-one thousand customers who expect continued and uninterrupted service.

Lynn Young, C.E.O., B.E.L.

“The government would like to buy back B.E.L. Of course, I don’t speak for Fortis—I couldn’t say yes or no to that. I offered to convey his message to Fortis.”

Jose Sanchez

“Despite, it’s a new message from government. You must know more or less how Fortis feels? Did they feel this coming? What has Fortis been forecasting all along?”

Lynn Young

“Again, I don’t speak for Fortis, but Mr. Marshall has said publically that he would willingly sell his shares in B.E.L. if the government wants to buy. So I don’t think that position has changed, but I will convey the Prime Minister’s message to Fortis and see what they have to say.”

Jose Sanchez

“There is at least a twenty-one day span untilth e next payment is due and he will not go beyond that twenty-one days. Do you think definitely we will have a decision made by Stan Marshall and Fortis prior to those twenty-one days of whether or not to sell to the government?”

Lynn Young

“[Umm] I really don’t know. [Umm] You see I have to do what I can to keep B.E.L. going. I have said to the Prime Minister that B.E.L. is a quality company. That’s what I’m about; trying to get the company to provide the best service at the lowest possible rates to customers and of course, the shareholders invest in the company and they need to get a return. As a manager you have to try and make sure the shareholders get their return. But over and beyond that, the shareholders are shareholders—they can sell their shares or buy shares or whatever they want. We have no control over that. So I can’t go there.”

Jose Sanchez

“When Fortis bought the shares in B.E.L., if you can you recall, more or less what they spent then and what would have been the estimate of the value of the company?”

Lynn Young

“Well the shares were sold then at two dollars and seventy-five cents per share. The market value of a company in Belize is difficult to estimate because there isn’t a market for selling and buying shares. So [umm] I suspect that anybody can look at the retained earnings, the share holdings and see what the book value is and get an idea. I haven’t looked at it recently to see exactly what is the book value per share, but the company has grown significantly in the last ten years.”

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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1 Response for “B.E.L. C.E.O. will deliver government buyout message to Fortis C.E.O.”

  1. Ali says:

    The employees of BEL will be replaced by Political cronies…..

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