Mayberry withdraws EGM request
Mayberry West Indies Limited and two other connected shareholders who called for an extraordinary general meeting (EGM) to replace board members at Supreme Ventures Limited (SVL) have withdrawn the request, according to a notice posted on the Jamaica Stock Exchange on Friday.
They were seeking a vote to replace chairman Paul Hoo and six others with their own nominees, having accused the Hoo-led board of failing to prioritise good governance and profitability of the business.
But since making the request on October 19, three of the directors that Mayberry had sought to evict resigned their seats; while five of the replacement directors were granted seats on the SVL board.
"There are no matters for consideration by the shareholders if the EGM were to be conducted," Mayberry said in a letter to the stock exchange dated November 9.
Mayberry's move against the directors was preceded by Trinidadian firm Zodiac International nearly doubling its stake in SVL to 49.9 per cent - an acquisition being financed, in part, with a US$40 million bond offered in Jamaica and arranged by Mayberry Investments Limited.
Mayberry and the connected shareholders, who together hold nearly 11 per cent of SVL, had called for the removal of Paul Hoo, Peter Chin, Richard Foreman, John Graham, Steven Hudson, Ian Moore, and James Morrison as director. They were to be replaced by Christopher Berry, Gary Peart, Ansel Howell, Nicholas Mouttet, David McConnell, Peter McConnell, and Lance Hylton.
On October 23, Mayberry gained three seats on the 12-member board, to fill slots created by the resignations of James Morrison, as well as Nikolaos Nikolakopoulos and Georgios Sampson, who stepped down in the wake of the sale of its SVL stake by former Greek shareholder Intralot.
Then last week, Peter McConnell and David McConnell were appointed to seats created by the resignation of Peter Chin and Hoo. David McConnell was named as the new chairman of SVL on Friday.
Supreme Ventures, a lottery company and new owner of horse-racing outfit Caymans Park, is a profitable business that makes revenue in the ballpark of $45 billion annually, and net profit that has averaged over $1 billion in each of the past two financial years.