BELIZE CITY, Belize, June 11 /PRNewswire/ -- Carlisle Holdings Limited
(Nasdaq: CLHL; London: CLH), a leader in outsourced facilities services and
staffing services, announced today that, further to its announcement in
September 1998, the company has completed negotiations on the sale of its
non-core Central American and Caribbean investments. The disposals include
the construction and civil engineering business, represented by the Johnston
International Group, Hadsphaltic International Limited and Belize Aggregates
Limited; Leeward Limited, the property development business; Belize Leisure
Limited, owner of the Radisson Fort George Hotel in Belize City; a 26%
interest in Belize Food Holdings Limited; a 19.5% interest in Energia Global
International Limited; a 36.2% interest in Great Belize Productions Limited; a
50% interest in Belize International Services Limited, whose principal
activity is the administration of the shipping registry on behalf of the
Belize government.
Final negotiations have been completed with three purchasers, one of which
is a company led by former management, and the transactions have either
already closed or are expected to close by June 30, 1999. The total sales
proceeds, including the assumption of debt, will be approximately $29 million.
The only material Central American interests retained by Carlisle Holdings are
The Belize Bank Limited and associate investments in Belize Electricity,
Belize Telecom and NUMAR, the Costa Rican edible oils business.
Commenting on the disposals, Carlisle's Chairman and CEO, Mr. Michael A.
Ashcroft said, "These asset sales further streamline our business and we will
redeploy the sale proceeds, as planned, in growth opportunities in our core
facilities services businesses in the U.S. and the UK. The effect of the
transactions is expected to be accretive to earnings per share."
Carlisle also announced that it has issued 1,098,604 ordinary shares to
Portland Holdings Limited ("Portland"), a company owned by Michael A.
Ashcroft. These shares have been issued in satisfaction of the deferred
consideration due to Portland in respect of the acquisition of Building
Maintenance Services Limited by the "old", Carlisle Holdings in July 1998.
Application has been made to the London Stock Exchange for these shares to be
admitted to trading on the Alternative Investment Market ("AIM"). It is
expected that the shares will be admitted for trading on June 16, 1999.
Following the issue of the shares to Portland, Carlisle now has
61,765,276 ordinary shares in issue and Mr. Ashcroft has interests in
39,087,695 ordinary shares, representing approximately 63.28% of all the
issued share capital of Carlisle.
Forward Looking Statement
Certain statements in this press release constitute "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. In particular, statements contained herein regarding expectations
with respect to future revenue and business expansion, are subject to known
and unknown risks, uncertainties and contingencies, many of which are beyond
the control of Carlisle, which may cause actual results, performance or
achievements to differ materially from anticipated results, including, among
others, overall economic and business conditions, the demand for Carlisle's
services, competitive factors, regulatory approvals and the uncertainty of
consummation of future acquisitions. Additional factors which may affect
Carlisle's business and performance are set forth in filings by Carlisle
Holdings Limited (formerly BHI Corporation) with the Securities and Exchange
Commission.
Note: This and other press releases are available through Company News On
Call by fax; call 800-758-5804, extension 114380, or at
http://www.prnewswire.com.
SOURCE Carlisle Holdings Limited
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Related links:
http://www.broadgate.com
CONTACT:
Carlisle, 561-368-3899; or Broadgate
Consultants, Inc., 212-232-2222, for Carlisle
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