Citrus Growers Association reacts strongly to Banks Holdings
The C.P.B.L. had its say earlier in the newscast when Sir Allen Field and Richard Cozier of Banks Holdings said that the dispute in the citrus belt is personal. As we said, there seems to be no light at the end of the tunnel in the immediate future in the ongoing feud that is leaving a taste of sour oranges in the industry. Late this evening Chief Executive Officer of the C.G.A., Henry Anderson, had some reactions to the comments of Sir Allan and Cozier.
Henry Anderson, CEO, C.G.A.
“What I showed you in there was the amendment to the investment agreement which categorically states that C.G.A., though it’s Investment Company Limited, has the absolute right to appoint its five directors. If you look at your tape you would see that Banks Holdings agreed to that. I also showed you the committee of five recommendations that said that the CEO’s contract should have been renegotiated. I showed you a second report from the committee of five that says that that is outstanding. The issue we have today is a singular issue; it’s that that has still been outstanding and the position the C.G.A. finds itself in is that when it tried to invoke its right under the investment agreement, it was blocked by Banks Holdings. Now Banks Holdings were on the TV also saying that they put out an olive branch. Now, to put out an olive branch when you’re blocking the right of the majority investor is funny in and of itself. But we did try to take up that olive branch and there was a phone conversation between the Chairman of ICL Mr. Denzil Jenkins and I believe Sir Allan Fields where the single purpose of that phone conversation was to come to a compromise on one issue. That issue was to take the two other directors that we don’t want on there, Mr. Mike Duncker and Mr. Frank Redmond, and to leave the CEO. That was the point of the call, Mr. Jenkins made the call and put that point forward. When he put that point forward, Bank’s Holdings came back essentially and said that part is okay, but the board has to go to ten and they want Dr. Canton on there and we have to discuss chairmanship of the board and they would like to see that rotating at one or two years per term and they think it’s their turn now.”
We’ll see how this full-fledge war between growers and their investor partner plays out.
