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.

Fermentation Tanks
     The 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.
Pot Still
“Goddard Enterprises 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.