BTL's Annual General Meeting is set for Monday evening and tonight, Jeffrey Prosser is doing all he can to block it. His local attorney, Lionel Welch has reportedly received instructions to initiate procedures to block the meeting. Still, with just one working day to go before the meeting, blocking it may prove difficult.
For Prosser, it's important because the Michael Ashcroft controlled Board of Directors has proposed to issue scripp dividends in lieu of cash dividends. That will increase the issued share capital and dilute the holdings of shareholders who opt for the cash and not the dividends. That could have a deleterious effect on Prosser's block of holdings.
As we've reported earlier this week, an explosive judgement delivered by the Chief Justice set aside an SI signed by Utilities Minister Ralph Fonseca one year ago, and restored the Special Share and two of Prosser's directors that go along with it.
