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ANSA McAL (Barbados) Limited will be appealing the Court’s decision last Friday to lift the injunction that blocked trading of shares and bidding for control of Banks Holdings Limited. President, CEO of ANSA McAL (Barbados) Limited, Nicholas Mouttet announced today that the company will be joined by several other BHL shareholders who intend to bring a class action suit against BHL with a view to getting the “$10 Put Option” clause removed from the BHL/SLU agreement.
Most of the BHL shareholders who intend to join with ANSA McAL in the class action suit have shareholding over 100,000 shares. Mouttet also called on all other BHL shareholders who feel aggrieved to join in the class action suit.
The law suit will contest the validity of the ‘put option’ clause, challenge its legality and seek to establish that it is indeed disadvantageous to all shareholders other than SLU/ AmBev. A major concern of the litigants is that the $10 ‘Put Option’ was inserted into the BHL/SLU agreement without shareholder permission and therefore may be unenforceable. ANSA McAL and the other shareholders are in agreement that they are fighting for a fair and level playing field to ensure that shareholders can get maximum value for their shares.
Mouttet drew attention to the fact that the BHL Directors’ Circular of 28/10/2015 that stated should this clause be invoked by AMBEV, it could have serious financial consequences, if anyone other than AMBEV acquires 25% or more shares of BHL.
The litigants also intend to make the point that the actions of the directors negatively impact all shareholders and the image and reputation of the private sector and of Barbados.