War seems about to break out over board room composition at Supreme Ventures, as the largest block of shares in the company, recently underwent a major ownership change.
Accordingly, the current board issued a release on the matter today. The board noted the recent reports of the $2.9 billion block share transaction buy out of Supreme Ventures Limited (SVL), by Zodiac International Investments & Holdings Limited and Mayberry Investments.
The company confirms that it has received correspondence from Mayberry West Indies Limited for an Extraordinary General Meeting (EGM) to pass a resolution to remove seven current members of the SVL Board.
The current list of Directors include SVL’s Chairman, Paul Hoo, as well as Peter Chin, Richard Foreman, John Graham, Steven Hudson, Ian Moore and James Morrison.
Mayberry crossed 40m C&W shares.
The letter, sent jointly under the signatures of Mayberry West Indies’, Castries, St Lucia, Bamboo Holdings Limited and Konrad Mark Berry, also outlines the intent to appoint seven (7) new Directors to the SVL Board, namely Christopher Berry, Gary Peart, Nicholas Mouttet, David McConnell, Peter McConnell, Ansel Howell and Lance Hylton.
In acknowledging the developments, Chairman Paul Hoo stated, “We have been made aware of the intent of major shareholders to have the EGM and effect some changes at the Board level. The discussions are ongoing, and as such I cannot comment too much at this time. What we can definitively say is that the SVL Board holds the interest of its shareholders as paramount, and even as we deal with the issues arising out of these developments, we are reiterating our continued commitment to exercise our fiduciary responsibility to all shareholders, as well as to protect the image and reputation of our company and our committed team.”
According to SVL President & CEO, Ann-Dawn Young Sang, “Our dedicated team continues to remain focused to build and grow our great company.”
There have been recent reports in the media of the significant shareholder transactions in the last couple of weeks. Based on these transactions, the ownership interest of SVL’s major shareholder, Zodiac Caribbean Ventures Limited – former name, Intralot Caribbean Ventures Limited – (ICVL)) has been reduced from 49.896 percent to 38.3245 percent. ICVL will now be fully owned by Zodiac International Investments & Holdings Limited a company registered in St. Lucia. Mayberry is said to have recently picked up a block of 300 million units or around 11.375 percent of the company’s shares.
