WRB Statement Regarding GRENLEC


In recent weeks there have been various reports in the media regarding WRB Enterprises, Inc.’s investment in Grenada Electricity Services, Ltd (GRENLEC) and the possibility of it being acquired by different parties, including the Government of Grenada. In order to clear up some of the questions, WRB and its subsidiary Grenada Private Power, Ltd. (GPP) have decided to issue this statement regarding their ownership in GRENLEC.

Throughout this year WRB has been contacted informally by several parties inquiring whether WRB was interested in selling its shares in GRENLEC. After considerable reflection WRB took the decision that it would explore the possibility of selling its shares. This does not mean that a decision has been made to sell; simply that WRB would explore the possibility.

The 1994 Share Purchase Agreement (SPA) between WRB, its subsidiary GPP and the Government of Grenada spells out a specific process to be followed in the event that WRB wants to entertain selling its shares in GRENLEC. The first of those steps is a notice to the Government of Grenada. This notice, which was delivered on 19 Sept, provides the Government of Grenada with first offer rights for a period of 30 days. It is important to note that this is only a right to make a first offer. It is not an option to purchase the shares, and WRB is under no obligation to accept the offer. Further, after the 30 day period WRB is free to receive offers from other parties if it desires.

WRB will follow the procedures outlined in the SPA as it works through this process. GRENLEC is a public traded entity, and as such it is not appropriate for WRB, or any party involved, to comment on the specifics of discussions that may be held with various interested parties, or any offers that may be received. This release is being issued solely to inform the public of the process that is being undertaken by WRB. Consequently, WRB does not deem it appropriate to respond to media inquiries during this process.

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