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Notice To Shareholders of BHL

November 4, 2015

Shareholders will be aware that there have been two bidders seeking to acquire 100% of the common shares of BHL and the Directors have issued circulars in relation to these bids.

Competing Bidders

AMBEV S.A. (parent of SLU Beverages) – a large South American beverage company and 5th largest brewery in the world has issued a revised bid of $5.60 per share.

ANSA McAL Limited (parent of A.M. Caribbean Development Ventures Ltd (AMC) – a diverse Caribbean conglomerate with regional beverage and brewery interests, has issued a revised bid of $6.00.


Responses to each bid

The AMBEV revised bid of $5.60 was the subject of Directors’ Circular No.2. The revised ANSA McAL bid of $6.00 was received by Directors on November 3, 2015 and is receiving the urgent attention of the Board. A timely response will be issued to the revised bid by ANSA McAL Limited, having regard to the urgent timelines.


Strong BHL Performance

In the meantime, the Directors wish to highlight the recent performance of the BHL Group which they believe to be one of the primary factors attracting the interest of the bidders for BHL shares. As outlined in the chart below and as reported in the Company’s Financial Statements to shareholders, BHL’s performance has continued to improve over recent years.

The competition for acquisition of the common shares of the BHL has seen the price of the shares move from a traded pre-bid price of $2.49 per share to the current bid levels of $5.60 and $6.00.


Ongoing Communication from Directors

The Directors will continue to evaluate all bids to shareholders and to deliver their recommendations to the shareholders of BHL with respect to these bids in accordance with the Take Over Bid Regulations, 2002. Shareholders are reminded that they should consider all information and seek appropriate financial advice in making their decision on selling or retaining ownership of their shares.


Dated November 3, 2015

On behalf of the Board of Directors

C.R.A. Cozier F.C.G.A.

Managing Director/CEO


CAP. 1: Notice to all shareholders of Banks Holdings Limited (BHL).