Caribbean Investment Share Discussion Threads

[sweetnodude] 23/11/2017 13:09

colin

I read it that the dividend was shares in Midland and Midland was set up to receive the award. Apologies if I'm wrong...

Midway is a private company incorporated in Turks and Caicos, and its sole asset is the Award (as defined below) and the judgments recognizing the Award (the "Judgments").

[sweetnodude] 23/11/2017 12:58

CIHL shareholders who received the dividend of Midland shares imo.

[colin12345678] 23/11/2017 12:55

Sweetnodude

its a dividend nothing to do with the payout

CIHL today announces that it will be paying a dividend (the "Dividend"). The Dividend will be paid as a dividend in specie, with CIHL shareholders receiving one class A share with a par value of US$0.001 in Midway Investments Ltd. ("Midway") for every CIHL share held by CIHL shareholders. More information on the Dividend will be set out in a circular expected to be posted to CIHL shareholders on or around 9 June 2017 (the "Circular"), which will also be available to view in due course on the Company's website at

The Board of CIHL has determined that qualifying CIHL shareholders will be those shareholders on the Company's register of members at 5.00 p.m. on 16 June 2017 (London time) and to whom the distribution (including onward distribution to beneficial owners (if any)), or communication of details of the Dividend, would not be in breach of law or regulation.

Dividend timetable

[pre] 23/11/2017 12:50

sweetnodude23 Nov '17 - 12:17 - 57 of 58 0 0
The money will go to holders of Midway Investments Ltd shares.
See RNS 08/06/17. DYOR.


I found this extract in the rns you refer to sweernodude23, so who gets the award? does it go to midway?

Extract from 08/06/17 rns:

Information on Midway

Midway is a private company incorporated in Turks and Caicos, and its sole asset is the Award (as defined below) and the judgments recognizing the Award (the "Judgments"). Midway has been assigned the Award and Judgments as the Company has determined that the assignment is the most prudent method of retaining value in the Award and Judgments for CIHL shareholders. CIHL shareholders should be aware that there can be no guarantee that Midway will be successful in monetizing the Award and the Judgments.

Background

In July 2014 Caribbean Investment Holdings Limited and The Belize Bank Limited ("BBL") commenced proceedings in Washington, D.C. to enforce a London Court of International Arbitration ("LCIA") award of damages against the Government of Belize ("GOB") for the breach by GOB of a settlement deed entered into in March 2005 (as amended in June 2006) (the "Award"). The settlement deed resolved a dispute over the purchase and sale of shares in a Belizean company, and in consideration for the termination of a pending arbitration, GOB had promised, among other things, that CIHL would receive certain tax treatment in Belize and that CIHL would be indemnified for any breach of the GOB's warranties.

The U.S. District Court enforced the Award in favor of CIHL and BBL and rejected all of GOB's challenges to the Award and issued a judgment on July 1, 2015 (the "DC Judgment"). GOB appealed that decision to the U.S. Court of Appeals for the D. C. Circuit. In a decision dated May 13, 2016, the D.C. Circuit affirmed the District Court decision enforcing the Award and the DC judgment in favor of CIHL and BBL and rejected all of GOB's arguments on appeal. GOB then sought review by the United States Supreme Court. On July 21, 2016, CIHL and BBL had registered the DC Judgment in the United States District Court for the Southern District of New York and obtained a judgment of the United Stated District Court for the Southern District of New York dated July 21, 2016 (the "NY Judgment").

As previously announced, on January 9, 2017 the U.S. Supreme Court denied GOB's petition for certiorari, rendering the DC Judgment final and not subject to further judicial review. This decision cleared the way for CIHL and BBL to collect on the DC Judgment worth approximately US$27.5 million.

On January 28, 2017 GOB enacted legislation designed to criminalize the pursuit of legal action in foreign courts to enforce certain foreign judgments against GOB. The Government also obtained an interim injunction against CIHL and BBL preventing them from enforcing the Award and Judgments. This interim injunction was overturned on 31 May 2017. Further details of this legislation and the interim injunction will be set out in the Circular.

As a result of these actions by GOB, in January and March 2017 BBL waived and relinquished its rights under the Award and Judgments, leaving CIHL with the sole rights to the Award and Judgments. Also as a consequence of this legislation and subsequent proceedings in the Belize Courts (as described in more detail in the Circular), the Board of Directors of CIHL approved the assignment of the Award and Judgments, and the Dividend.

CIHL shareholders based in certain jurisdictions will not for legal and regulatory reasons be eligible for the Dividend.

[letmepass] 23/11/2017 12:17

30p breached then onwards to 50

[sweetnodude] 23/11/2017 12:17

The money will go to holders of Midway Investments Ltd shares.
See RNS 08/06/17. DYOR.

[letmepass] 23/11/2017 12:15

Easily double from here read the RNS

[letmepass] 23/11/2017 12:10

RNS out... Undervalued

[sweetnodude] 23/11/2017 12:01

None of this award is coming to new holders of CIHL shares...

[russman] 07/11/2017 09:38

Lord Ashcroft did not excel himself on Panorama.
Went & hid in the toilets.

[russman] 01/11/2017 09:14

There must be some more paperwork planned.
Ashcroft got bored sending out to 500 of his small fans.

[russman] 24/10/2017 18:53

Lord Ashcroft to you.
Sharpest tool in the box.

[eezymunny] 11/6/2017 12:46

Yes well, don't take anything on LSE seriously. Full of clueless idiots. Ashcroft owns the significant majority of CIHL (74.8%) so GOB couldn't buy more than tuppence hapenny worth in the market.

Anything could happen. GOB could indeed nationalise Belize Bank. They seem to be making up laws as they go along, to avoid paying this award.

There are clearly very good endings and very bad endings for CIHL shareholders IMO, but it doesn't look like this will be resolved for some considerable time.

[1xtrader] 11/6/2017 12:30

Found this post on lse

you read between the lines it seems there setting up a mechanism for Gob to recoup some of the money they have paid out, so say they buy 20 millions shares then they would get back 20 per cent of there cash they have to pay cihl or if they takeover then they would get all of it. They going to do a deal with ashcroft looking interesting though, got to in soon to get divi

[eezymunny] 11/6/2017 12:08

I think if this award ever gets paid it's worth more than 20p, but gawd knows how long this saga will go on. Sounds like CIHL are claiming all sorts of costs on top of the $27m, so maybe upside is good in the medium term.

All a bit of a gamble really...

[1xtrader] 11/6/2017 12:04

Is Cihl worth more than 20p do you think

[eezymunny] 11/6/2017 12:00

"Financial Secretary Joseph Waight said that he feels the injunction being lifted is the beginning of another long court battle between GOB and Ashcroft."

“I imagine a matter like this would go all three stages …,” Waight said. “Indeed the lifting of the injunction is basically removing a barrier that the government try to put, but we are not anywhere close to a final resolution of this matter.”

Waight said that ultimately the case will come down to whether or not Belize is able to pay the award and in what currency.

www.breakingbelizenews.com/2017/06/10/cj-lifts-injunction-belize-bank-claim-50-million-award/

[1xtrader] 11/6/2017 11:23

Chief Justice Kenneth Benjamin has lifted the injunction, which once barred Michael Ashcroft’s Belize Bank from seeking to enforce a US $50 million arbitration award against the Government of Belize.

[falia] 09/6/2017 13:49

THANKS BUT NO THANKS , DONE VERY WELL OUT OF BZM

[letmepass] 09/6/2017 13:38

BZM taking off again 5p

[letmepass] 09/6/2017 11:55

BZM about to go again

[falia] 09/6/2017 11:47

BOOM TIME 40P COMING UP