Ciboney Group Ltd. (CBNY) – Director Quits

There has been a change of ownership and the majority control of the shares in the company is now held by Crown Eagle Life Insurance company.

This has been achieved by an Agreement dated October 4, 1997 which:

Terminated the Trust Deed pursuant to which Trumpton Ltd. (The Trustee) held 223,406,286 non-voting ordinary shares in CGL under a trust for sale.
Transfers the ownership of all the shares in the capital of Trumpton Ltd. into the hands of Crown Eagle Life Insurance Co.
Restores the voting rights of the 223,406,286 ordinary shares in the capital of Ciboney Group Ltd.
Effects the resignation of Mr. Peter Rousseau as the Chairman, President & CEO of Ciboney Group Companies.
Effects the resignation of Ivor Alexander as the Executive Director and as a Director of the Ciboney Group of companies.
Effects the termination of all existing Management and Marketing contracts.
As a result of this Agreement Crown Eagle Life Insurance Co. which previously held or controlled 63,511,597 issued ordinary, voting shares in the capital of the company.
The Board and the new majority owners will hold discussions promptly to determine the new Management to be appointed as it is intended that business should continue without disruption.