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SVL new major shareholder seeking to remove seven board members

Published:Friday | October 20, 2017 | 12:00 AM
Paul Hoo
Chris Berry

Supreme Ventures Limited (SVL) said it has received correspondence from Mayberry Investments seeking an extraordinary general meeting to remove the gaming and lottery company’s chairman, Paul Hoo and six other directors.

Mayberry also outlined its intention to appoint seven directors in their stead, SVL said in a release in response to recent reports of a $2.9 billion block share transaction buy out of the company by St. Lucia-based Zodiac International Investments and Holdings Limited and Mayberry Investments.

Among the other directors Mayberry is seeking to remove are Richard Foreman, John Graham, Steven Hudson, Ian Moore and James Morrison, the release said.

It said the letter it received was sent under the signatures of Mayberry West Indies, Castries, St Lucia; Bamboo Holdings Limited and Konrad Mark Berry.

The directors they are seeking to appoint are Christopher Berry, Gary Peart, Nicholas Mouttet, David McConnell, Peter McConnell, Ansel Howell and Lance Hylton.

The release quoted Hoo as saying that discussions are ongoing.

It said there have been recent reports in the media of the significant shareholder transactions in the last couple of weeks.

The gaming and lottery company said that based on those transactions, the ownership interest of SVL’s major shareholder, Zodiac Caribbean Ventures Limited, formerly Intralot Caribbean Ventures Limited, has been reduced from 49.89 per cent to 38.32 per cent.