CITRUS GROWERS ASSOCIATION CEO DISCUSSES RECENTLY SIGNED AGREEMENT

January 05, 2007

An Investment agreement among Citrus Products of Belize Limited, Belize Citrus Growers Association Investment Company Limited, Blue Waters Holdings Limited and Banks Holding Limited was concluded late last year. Today Love News spoke with Chief Executive Officer of the Citrus Growers Association, Bridget Cullerton.

Bridget Cullerton: Chief Executive Officer of CGA

“The recent court decision which happened on December 18 paved the way for that to occur. The committee of five reports we have been waiting and in fact we have been told it would have been out way before that time but we didn’t get a copy here and we got an electronic copy on December 27 from the committee of five. We did got a few hand written copies since then actually received in the new year. What is good to be reporting is that all the changes having to do with the investment agreement it self as recommended by the committee has been complete. There are four areas which has to do with CGA it self. I’m a bit disappointed that the committee of five did not contact CGA for some of the issues they are saying were not clarified like for instance the European investment bank needing legal council. That has to been done by CGA and in fact we are looking to engage in some new activities with the European investment bank based on legal council but none of that was asked of us in this second go round and some of the changes that need to occur can only be by our general membership at the February 10 meeting and so that’s why but all the recommendations related to the investment agreement have been concluded as per the recommendation of the committee of five.” 

We asked Cullerton about the benefits of this agreement to citrus growers.

Bridget Cullerton: Chief Executive Officer of CGA

“One of the areas is for diligence to be declared by the factory when profits are realized. Already there are indications that at least a million dollars will be able to be declared as an interim dividend given the ability given to the factory now by the courts given the decision by December 18. So that will be one way that growers will be able to realize that but the actual dividend policy showing what growers will actually get will have to come by growers decision on the dividend policy that the association embraces. Possibilities also exist that the revolving fund we now have for growers could be enhanced with the ability of the investment company to repay CGA from monies it will now be earning to full fill revolving fund to growers which will enhance that fund which is right now at 5.5 percent interest rate which cannot be anywhere else but citrus growers now have access to that and that fund can be enhanced. It could even be that we are looking at putting in place something some thing we have talked about for years a stable price for growers over a number of years 5 10 years where no matter what happens at the world market level growers would not get any less than a certain amount so all these things to come possible now with this agreement. What also is being worked on is a prospective that individual growers will be able to purchase individual shares into any other companies formed of the investment now being made that growers will be able to purchase individual shares in those and so a prospective is already being worked on to develop that avenue. So there are many avenues that will be possible for enhancement.”

The annual general meeting will be held on Saturday February 10 at the Citrus Growers Association compound.

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