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SVL appoints three new directors

Monday, October 23, 2017

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KINGSTON, Jamaica — An agreement seems to have been brokered between Mayberry Investments Limited and Supreme Ventures Limited (SVL) following the appointment of three directors to SVL's board earlier today.

Speaking at a press conference a short while ago, Executive Chairman of Mayberry Investments Limited, Christopher Berry, announced that he, along with CEO at Mayberry, Gary Peart, and Management Consultant, Ansel Howell, have been appointed directors to SVL's Board.

The appointment follows correspondence from Mayberry West Indies Limited for an extraordinary general meeting (EGM) to pass a resolution to remove seven current members of the SVL board including Chairman Paul Hoo.

It is reported that over the last few days, two SVL directors in addition to accountant and former interim president and chief executive officer at SVL James Morrison have handed in their resignation, allowing for the appointment of the three new directors.
SVL's board now consists of 12 directors.

Peart, in an interview with the OBSERVER ONLINE, noted that while there was correspondence for an EGM to pass a resolution for the removal of seven members, discussions are now underway on whether to proceed with the EGM, given the latest development.

Peart also rubbished reports in the media about Zodiac International taking over SVL, adding that the transaction valuing $6.6 billion in debt and equity, only follows on transactions done in 2010.

In 2010, Intralot Caribbean Ventures, which owned 48.89 per cent of the issued ordinary shares of SVL, was partially owned by two entities — Intralot St Lucia which held 50.05 per cent and Zodiac International which owned 49.95 per cent.

Mayberry, which was the stockbroker conducting the transaction in 2010, also owned at least two per cent of the ordinary shares of Supreme Ventures.

The transaction, which closed on October 9, saw Zodiac International acquiring 100 per cent share ownership in Intralot Caribbean Ventures. The company was then rebranded Zodiac Caribbean and went on to sell 11 per cent of their shares to variety of shareholders including Mayberry Investments. Today, Zodiac Caribbean owns 38 per cent of Intralot Caribbean.

Karena Bennett

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