April 10, 2018
Ciboney Group Limited (CBNY) Annual General Meeting was held today, at the Knutsford Court Hotel. Chairman Mr. Errol Campbell noted the company is currently inactive. Finsac, majority shareholders (72% stake) are trying to exit the investment through the sale of its shares. He added, Finsac hopes to sell the Company to a private investor wishing to attain a publicly listed company without undertaking the hassle of legal and costly procedures associated with IPOs. He however reassured existing shareholders that “there are a number of potential investors willing to buy and an offer should not take up to four months”. On that note, he advised shareholders to hold all existing shares as the directors have been holding discussions with professional advisors and the relevant authorities in vetting all potential buyers in hope of selecting the “right-fit”.
In the interim, he advised shareholders that the Company has approximately $10 million, following the proceeds of the capital distribution of 34 cents per stock to be paid on March 9, 2018 subsequent to the sale of US$2 million Culloden, Westmoreland, the single primary asset of the Group. He noted “this should keep the company afloat until a deal is executed.”
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