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Trinidad looks to increase its plunder of corporate Jamaica. It's claimed to be less than a controlling interest but that can change in a heartbeat.
Do you see:
Jobs moving to T&T and Jamaican job losses due to rationalization exercise?
Manufacturing moving to T&T where costs are much lower?
Loss/dilution of intellectual property in an iconic Jamaican brand and its liquor formulas. Jamaican brands are much more powerful than any other Caribbean brands in world markets... from Reggaeboyz to Red Stripe.
More Trini influence in the Jamaican economy while T&T continues to frustrate Jamaican investment there?
Note: The Gleaner report states the value of the 49% stake at less than US$500m which seems more credible to me. It's more probable that this offer values the entire company at US$1b.
T'dad firm eyes Wray & Nephew
Bid to buy out Lascelles group for US$1 billion
By Julian Richardson Observer staff reporter
Saturday, November 24, 2007
LASCELLES de Mercado, owners of Wray and Nephew, announced yesterday that it will seriously consider a buyout offer from Trinidadian spirits company Angostura Limited for a 49.24 per cent stake in the Jamaican conglomerate for close to US$1 billion.
Lascelles informed the Jamaica Stock Exchange yesterday that it had received a notice from Angostura, a wholly owned subsidiary of Angostura Holdings Limited, itself a subsidiary of Trinidadian company, CL Financial, of the proposal for the acquisition of all the shares in Lascelles.
The offer excludes the shares held by two companies under the control of chairman George Ashenheim and managing director William McConnell, who own a combined interest of 51.76 per cent.
The maximum amount of shares that are subject to the offer are 86,484,020 ordinary shares, excluding shares already owned by Angostura and its related company, Clico Trinidad Limited, and 5,028 six per cent preference shares. The proposed offer price is US$10.65 per ordinary stock unit and US$0.30 per the six per cent preference shares.
Indeed, CL Financial already has a substantial amount of shares in Lascelles and it is assumed that a very large fraction of the nine million shares which crossed the floor yesterday was purchased by the company.
"We are dealing here with a highly credible bidder who has made a serious offer. As soon as the offer document is received the board will be summoning a meeting to consider the offer," said McConnell, in a statement to the Stock Exchange. "As directors we will be very mindful of the fact that we have to act in the best interest of the stockholders.
"However, I take tremendous pride in the fact that the company has attracted such a positive offer," he added. "It reflects the value which the company has built up under the steady stewardship of Mr George Ashenheim, its chairman, its board, the management and staff."
Executive director of Angostura Limited, Michael Carballo, speaking at a press conference yesterday at the Mona Visitor's Lodge, St Andrew, said Angostura Holdings and CL Financial would immediately be working with the board of directors of Lascelles de Mercado to explore ways in which shareholder value in the company could be allotted, "including a possible public listing of Wray and Nephew and, or a merger of Wray and Nephew and Angostura Holdings".
Carballo said his company was committed to preserving the Jamaican 'feel' in the company, if the offer was accepted.
"The long tradition of the corporate culture of Lascelles Group of Companies will be maintained and the company will remain inherently Jamaican," said Carballo.
"One of the objectives of this offer is to ensure that the company remains publicly traded, we want Lascelles to remain listed on the Jamaica Stock Exchange and Jamaican investors will be offered every opportunity to participate in the continued success of the business."
CL Financial is a diversified group of companies, also headquartered in Trinidad and Tobago. Its major areas of business are in financial services, including banking and insurance, real estate development and energy and spirits. The group currently has an asset base of US$14 billion.
Lascelles de Mercado, formed in 1825, has the largest stock of aged Jamaican rum in the world - the popular Appleton Jamaica Rum - which is distributed by subsidiary company J Wray & Nephew.
Do you see:
Jobs moving to T&T and Jamaican job losses due to rationalization exercise?
Manufacturing moving to T&T where costs are much lower?
Loss/dilution of intellectual property in an iconic Jamaican brand and its liquor formulas. Jamaican brands are much more powerful than any other Caribbean brands in world markets... from Reggaeboyz to Red Stripe.
More Trini influence in the Jamaican economy while T&T continues to frustrate Jamaican investment there?
Note: The Gleaner report states the value of the 49% stake at less than US$500m which seems more credible to me. It's more probable that this offer values the entire company at US$1b.
T'dad firm eyes Wray & Nephew
Bid to buy out Lascelles group for US$1 billion
By Julian Richardson Observer staff reporter
Saturday, November 24, 2007
LASCELLES de Mercado, owners of Wray and Nephew, announced yesterday that it will seriously consider a buyout offer from Trinidadian spirits company Angostura Limited for a 49.24 per cent stake in the Jamaican conglomerate for close to US$1 billion.
Lascelles informed the Jamaica Stock Exchange yesterday that it had received a notice from Angostura, a wholly owned subsidiary of Angostura Holdings Limited, itself a subsidiary of Trinidadian company, CL Financial, of the proposal for the acquisition of all the shares in Lascelles.
The offer excludes the shares held by two companies under the control of chairman George Ashenheim and managing director William McConnell, who own a combined interest of 51.76 per cent.
The maximum amount of shares that are subject to the offer are 86,484,020 ordinary shares, excluding shares already owned by Angostura and its related company, Clico Trinidad Limited, and 5,028 six per cent preference shares. The proposed offer price is US$10.65 per ordinary stock unit and US$0.30 per the six per cent preference shares.
Indeed, CL Financial already has a substantial amount of shares in Lascelles and it is assumed that a very large fraction of the nine million shares which crossed the floor yesterday was purchased by the company.
"We are dealing here with a highly credible bidder who has made a serious offer. As soon as the offer document is received the board will be summoning a meeting to consider the offer," said McConnell, in a statement to the Stock Exchange. "As directors we will be very mindful of the fact that we have to act in the best interest of the stockholders.
"However, I take tremendous pride in the fact that the company has attracted such a positive offer," he added. "It reflects the value which the company has built up under the steady stewardship of Mr George Ashenheim, its chairman, its board, the management and staff."
Executive director of Angostura Limited, Michael Carballo, speaking at a press conference yesterday at the Mona Visitor's Lodge, St Andrew, said Angostura Holdings and CL Financial would immediately be working with the board of directors of Lascelles de Mercado to explore ways in which shareholder value in the company could be allotted, "including a possible public listing of Wray and Nephew and, or a merger of Wray and Nephew and Angostura Holdings".
Carballo said his company was committed to preserving the Jamaican 'feel' in the company, if the offer was accepted.
"The long tradition of the corporate culture of Lascelles Group of Companies will be maintained and the company will remain inherently Jamaican," said Carballo.
"One of the objectives of this offer is to ensure that the company remains publicly traded, we want Lascelles to remain listed on the Jamaica Stock Exchange and Jamaican investors will be offered every opportunity to participate in the continued success of the business."
CL Financial is a diversified group of companies, also headquartered in Trinidad and Tobago. Its major areas of business are in financial services, including banking and insurance, real estate development and energy and spirits. The group currently has an asset base of US$14 billion.
Lascelles de Mercado, formed in 1825, has the largest stock of aged Jamaican rum in the world - the popular Appleton Jamaica Rum - which is distributed by subsidiary company J Wray & Nephew.
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