Almond cash goes to bank
Shareholders of Almond Reports Inc. (ARI) looking for some kind of windfall from the planned sale of Almond Beach Village in St Peter to Government for $106 million are in for a big disappointment.
Next Thursday, the shareholders will meet at the closed St Peter resort to vote on an offer from state entity Barbados Tourism Investment Inc. (BTI) to buy the hotel and 30 acres of land for $100 million, plus an additional $6 million for the Almond Resort brand and logo.
According to an information memorandum from Almond Resorts deputy chairman Gervase Warner and director Thomas Pantin, ARI will get $50 million in cash up front from BTI and a promissory note for the remaining $56 million at an interest rate of five per cent per annum.
Almond’s board of directors, which is seeking “special majority” support from shareholders for the sale, has already advised local investors to support the proposal from Government, describing it as a fair offer and the best one on the table.