ASR’s Equity Investment in BSI: An Update Print E-mail
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Thursday, 30 August 2012 00:00

August 24th, 2012

The process to conclude the investment by American Sugar Refining, Inc. (ASR) is advancing well and in accordance with the target timetable.

Meetings were held in mid-July between representatives of BSI and ASR Management and Boards, supported by their respective legal counsels to advance final negotiations on key investment documents, principally the Subscription Deed (Purchase Agreement) and the Shareholders’ Agreement. Since then, BSI and ASR have continued to be actively engaged and fully committed to expediting the process in the context of the defined timetable for completion of the transaction.

During the period of discussions with ASR, the management of BSI also held several meetings with the Protectors of BSI Employee Holdings Limited (BEH) and the Belize Workers’ Union (BWU) Executive Committee as part of management’s efforts to keep them and employees informed about the status of the transaction.

Agreement between BSI and ASR has now been reached on all commercial matters and legal documentation with respect to the Subscription Deed and the related approvals from existing shareholders in BSI have been secured. Accordingly, the parties signed the Subscription Deed documentation August 23rd,  2012.

The completion date of the entire transaction is estimated to occur one month following yesterday’s signing of the Subscription Deed. During this time, BSI and ASR will press on to conclude various conditions precedent actions and obligations connected with the transaction. These include formal engagement with existing lenders to BSI and Belcogen regarding repayment of lending and release of security upon the deal completion.

Efforts by all parties remain focused on concluding the entire transaction at the very earliest.

-Press Release-