Mayberry Investments has scheduled a press conference for today, where it is expected to illuminate its plan to oust seven members of the Supreme Ventures board.
The Supreme Ventures board is now reportedly consulting with their lawyers on how to respond to the move.
Co-Founder and Chairman Paul Hoo has reportedly said that the board would need assurances regarding the new Trinidadian owner’s intentions, as it is a condition of the company’s lottery license that SVL remain a publicly traded company.
This, after SVL received a request from a consortium led by Mayberry West Indies Limited for an Extraordinary General Meeting to remove seven members of the SVL Board.
Mayberry Investments Executive Chairman Christopher Berry and other new majority shareholders are hoping to pass the resolution to unseat SVL’s co-founder and chairman Paul Hoo, and six other board members.
The move is being referred to as a hostile takeover.
The other directors targeted are Peter Chin, Richard Foreman, John Graham, Steven Hudson, Ian Moore and James Morrison.
Those seeking to replace them are Christopher Berry, Gary Peart, Nicholas Mouttet, David McConnell, Peter McConnell, Ansel Howell and Lance Hylton.
The consortium comprising Zodiac International Investments & Holdings Limited, Mayberry West Indies’, Castries, St Lucia, Bamboo Holdings Limited and Konrad Mark Berry, now represent the largest block of shares in the company, following a major ownership change.