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Bondholders of three companies controlled by Jamaican-Canadian investor Michael Lee-Chin are preparing for a decisive, but as yet unscheduled, vote next month that could determine the fate of more than US$364 million in debt experiencing ‘Events of Default’ — and potentially, a significant shareholding in NCB Financial Group, which he chairs.
The companies that Lee-Chin used to raise the money—AIC (Barbados) Ltd, Portland (Barbados) Ltd (PBL), and Specialty Coffee Investment Company Ltd — have pledged 1.06 billion shares in NCB Financial Group Ltd (NCBFG). Those shares represent 41 per cent of NCBFG’s outstanding stock and are central to Lee-Chin’s control of the financial conglomerate. NCBFG owns 61.77 per cent of Guardian Holdings Limited (GHL), which is headquartered in Westmoorings, Trinidad, and is one of the largest insurance companies in the region.
The bonds issued by the three companies, totalling US$364.44 million are disaggregated as follows
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