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Thursday, March 9, 2017
West Indies Rum Distillery Sold to United Caribbean Rum Limited
West Indies Rum Distillery
In 1989 French alcoholic beverage company
Remy Cointreau bought Mount Gay Rum Distilleries Limited, which was established
in 1703. Now, Goddard Enterprises
Limited notified shareholders of the sale of The West Indies Rum Distillery
Limited and we are selling our 2,519,171 issued and outstanding common shares 92
per cent of West Indies Rum Distillery to United Caribbean Rum Limited, a
wholly owned subsidiary of French spirits company Compagnie de Bonbonnet SAS.
deal does not end there, however, as United Caribbean Rum Limited wants full
control of West Indies Rum Distillery. It is therefore offering people who own
the remaining eight per cent of its stock more than $10.2 per share for their
piece of the company which produces brands including Cockspur Rum, . While the agreement between Goddard
Enterprises Limited and United Caribbean Rum Limited was signed last December
21, West Indies Rum Distillery chairman Anthony Ali, officially gave
shareholders details of the deal in notices published March 8, 2017.
Limited, has taken a decision to divest itself of its interest in the company”. The sale is scheduled to be completed
pursuant to a public takeover bid by United Caribbean Rum Limited to acquire
all of the issued and outstanding shares of The West Indies Rum Distillery
Limited and is scheduled to be closed no later than six trading days on the
Barbados Stock Exchange after the commencement of the public takeover bid by United
Caribbean Rum Limited” , according to Ali.
“The closing of the public takeover bid is
scheduled to occur on or around April 4th, Bonbonnet has extensive
experience and expertise in the spirits business and has been involved in the
production and sale of fine spirits such as Cognac Ferrand, Plantation Rum and
other distilled spirits, as well as fruit liquors.”
In a separate notice, United Caribbean Rum
Limited told shareholders “full details of the offer will be mailed out March
8th to all shareholders and have been prepared within the framework of the
pertinent legislation and the rules of the Financial Services Commission and
the Barbados Stock Exchange. “The offer is dependent on acquisition of at
least 92 per cent of all outstanding shares of West Indies Rum Distillery. However, the offering is
seeking to purchase
all outstanding shares.
Compagnie de Bonbonnet
, a company of which Alexandre Gabriel is president, and owners of Cognac
Ferrand and Plantation Rums , its subsidiaries are said to have aggregate
annual sales of approximately US$44.5 million.