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BHL Injunction Lifted
November 14, 2015
Citing BHL shareholders and “the process” as the real winners, BHL CEO Richard Cozier has said that he is pleased with the outcome of the recent Court hearing brought against BHL by ANSA McAL.
The BHL CEO noted that the Board of Directors have always acted in the best interest of Shareholders.
Over the course of three days, the Group presented legal arguments to support the discharge or lifting of an Injunction granted on November 3rd to ANSA McAL Barbados Limited. That injunction resulted in a halt of the bidding process for BHL shares as well as a “cease trade” on BHL shares on the Barbados Stock Exchange.
Chief Justice Sir Marston Gibson heard arguments from ANSA McAL in support of continuing the injunction and counter arguments by lawyers for BHL as well as SLU.
Late last evening, the Chief Justice delivered his decision to discharge or lift the injunction.
Speaking to the Press shortly after the announcement was made, Lead Counsel for BHL Barry Gale QC, flanked by Managing Director and CEO Richard Cozier, Interim Chairman of the Special Committee of the Board Christoper de Caires, Co-Counsel Roger Forde QC and BHL Corporate Counsel Cherie Jones informed the cadre of waiting journalists that the lifting of the injunction would now allow the competitive bidding process to resume with all existing closing dates being extended by 10 days.
Now that the injunction has been lifted, The BHL Board is scheduled to issue Director’s Circular #3 in response to the ANSA McCAL offer of $6.00 BDS per share for all remaining Shares in the Company.
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