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LIAT MERGER
ACQUISITION OF CARIBBEAN STAR REMAIN ON TRACK |
Shareholder governments are
reviewing the purchase agreement; airlines leaders met to
discuss transaction
ST. JOHN'S, Antigua – (March 21, 2007) – Discussions
surrounding the merger acquisition agreement for LIAT (1974)
Ltd. to purchase Caribbean Star Airlines Ltd. remain on
track. Meeting Monday, March 19, 2007 in Antigua were the
sole shareholder of Caribbean Star Airlines Sir R. Allen
Stanford, LIAT Chairman Dr. Jean Holder, LIAT CEO Mark
Darby, Caribbean Star President & CEO Skip Barnette, LIAT
CFO (ag) Alan Bryon, and Caribbean Star CFO (ag) Michael
Henne to discuss the details of the transaction. Meanwhile,
the governments of Antigua & Barbuda, Barbados and St.
Vincent & the Grenadines, primary shareholders of LIAT,
currently are reviewing the purchase agreement. All parties
are working towards the signing of the purchase agreement by
the end of March 2007. The completion of the merger
acquisition agreement is expected by the end of April 2007,
as the loan from Stanford Financial Group to the three
governments requires approval from their individual island
Parliaments.
The loan is a separate transaction from the purchase
agreement in which the Stanford Financial Group will loan
US$55 million to the governments of Antigua & Barbuda,
Barbados and St. Vincent & the Grenadines. The loan is for
the purpose of the governments to provide funds to liquidate
LIAT's financial liabilities, as well as to provide working
capital. The loan is on commercial terms and has been
guaranteed by the three governments and is expected to be
repaid to the Stanford Financial Group from the proceeds of
an Initial Public Offering (IPO) of LIAT stock. Already
advanced as part of the total US$55 million loan amount was
US$11 million.
For more information on Caribbean Star Airlines Ltd., please
visit
www.flycaribbeanstar.com.
For more information on LIAT (1974) Ltd., please visit
www.liatairline.com.
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