Press Announcement
Issued by
Lascelles deMercado & Co. Limited
Notice of Proposed Substantial Acquisition Bid
1. The Board of Directors of Lascelles, deMercado & Company Limited (‘the Company”) has received notice from Angostura Limited, a subsidiary of Angostura Holdings Limited that it proposes to make a bid to acquire the following shares in the Company; namely:
(a) 86,484,020 ordinary shares; and
(b) 5,028 6% preference shares
The shares, which will be the subject of the bid, constitute 49.24% of the voting rights in the Company.
2. The Offer will expressly exclude shares held by two companies under the control of George Ashenheim and William McConnell. The shares in those companies carry 50.76% of the voting rights in the Company. The offer price communicated to the Company is US$10.65 per ordinary shares and US$0.30 per 6% preference share to be paid as follows.
|
Class of Shares
|
Cash
|
Deferred Payment
|
|
Ordinary |
US$ 4.50 |
US$ 6.15 |
|
Preference |
US$ 0.20 |
US $ 0.10 |
We have been advised that the cash portion of the offer price will be paid within 14 days of the close of the offer and the deferred portion will be paid on January 15, 2011. The Offeror will, however, have the option to prepay the deferred portion in which case a discount would be allowed for early payment. The precise details of the offer will be further disclosed when the formal bid circular is received.
In response to the notice, Mr. William McConnell said:
“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. 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. 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. They should all be deservedly proud.”
Contact Person:
Name Contact Numbers
Williams McConnell (876) 923-7171
