7 News Belize

CPBL...
posted (April 29, 2014)
The Citrus Growers Association held an extraordinary meeting on Saturday. The business was bittersweet: to transfer 10% of the CGA's shareholdings in Citrus Products of Belize Limited, about 8 million shares. That relegates CGA from the majority shareholder to one of three minority shareholders - but it also sees them getting rid of a multi million dollar loan in exchange. That 10% shareholding now goes to the Social Security Board - which had loaned CGA the money.

The resolution was passed by both the CGA and its investment company - and on Saturday in Pomona Valley Henry Anderson told Patrick Jones what makes it meaningful:

Henry Anderson, Chief Executive Officer - CGA
"What happened today however is symbolic in the sense that the growers of the CGA no longer own the majority - nobody does; the bank has 46%, we have 43%, Social Security has 10% and there is some sprinkle out there. So there is no majority shareholder. Coming down from the 51%, as a grower said is not an easy thing. What this does it takes our head out of alligator mouth; we show our honor and pride as CGA that we pay our bills. We still have a lot of other bills to pay, but this is a big step and we are making the investments and working with the partners and we have the vision to drive the industry for another 100 years."

One other issues raised at the Special Meeting was the purported firing of Henry Canton as CEO of CPBL. That drew applause from the gathering, but, our sources suggest that Canton will have a more orderly departure, where he will be allowed to resign with a notice period. His severance package, which is believed to be substantial, is still being worked out. Canton's annual remuneration package from CPBL - in contracts and salary is rumored to have been in the hundreds of thousands of dollars.

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