May 26, 2015
Re: Information Meeting
As announced in the press on May 26, 2015, Goddard Enterprises Limited (GEL) and Agostini’s Limited (AL) of Trinidad have agreed to the formation of a jointly-owned company, Caribbean Distribution Partners Limited (CDPL). The GEL Directors wish to invite you to a shareholder information meeting at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael, on Tuesday, June 30, 2015, at 5:30p.m. to answer any questions you may have.
GEL and AL will transfer into CDPL their respective companies in the Fast Moving Consumer Goods (FMCG) sector in the countries noted below with effect from July 1, 2015. The Companies to be transferred into CDPL are as follows:
Barbados: Hanschell Inniss Limited (100%)
Grenada: Independence Agencies Limited (55%)
St. Lucia: Peter & Company Limited (100%) and Bryden and Partners Limited (100%)
St. Vincent: Coreas Distribution Limited (100%)
Barbados: Facey Trading Limited (100%)
Guyana: Desinco Limited (40%)
Trinidad: Hand Arnold Trinidad Limited (100%)
CDPL will be owned 50:50 by GEL and AL. Based on an independent valuation conducted by KPMG, AL will be required to pay GEL US$11.6 million, subject to a purchase price adjustment for the period between valuation and transfer.
CDPL will operate in six regional markets with 2015 revenues projected at approximately US$230 million. Both GEL and AL have a long and successful history in the FMCG distribution sector. We therefore see this joint venture as an opportunity not only to further improve our service and expand the products available to our customers, but also to extend the distribution reach and marketing capabilities of our principals and proprietary brands.
We are confident that this joint venture will redound to the continued success of GEL and we look forward to seeing you at the meeting.
A. Charles Herbert