RNS Number : 0570A
  BB Holdings Ltd
  28 July 2008
   

    Press Release                                                                                                      For Immediate Release



    BB HOLDINGS LIMITED ANNOUNCES RESULTS FOR THE
    FIRST QUARTER ENDED JUNE 30, 2008, APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND NEW LONG TERM INCENTIVE PLAN

    Belize City, Belize, July 28th, 2008 -- BB Holdings Limited (London - AIM: BBHL) ("BB Holdings") reported net income of $17.7m (2007 --
$13.0m) for the quarter ended June 30, 2008, the first quarter of fiscal 2009 and also announces that Lyndon R Guiseppi (Age 44) has been
appointed Chief Executive Officer and to the board of the Company (the Board) with effect from August 1 2008.
    APPOINTMENT OF CHIEF EXECUTIVE OFFICER
    Lyndon Guiseppi, who becomes the CEO on 1st August is a senior finance and banking professional with over 18 years of professional
experience.
    Mr.Guiseppi has held executive positions in several major financial institutions and has travelled extensively within the Caribbean,
Latin America, North America, Europe and the Middle East on business assignments.
    Before joining BB Holdings Mr.Guiseppi held the position of Managing Director of the Caribbean's largest and most successful investment
bank where he was responsible for business growth, product development and enhancing profitability.
    Under Mr.Guiseppi's stewardship, RBTT Merchant Bank had the unparalleled distinction of winning four significant International Banking
Industry Awards:
    1.   Deal of the Year for Costa Rica- awarded by Banker Magazine, 2006
    2.   Deal of the Year for Guatemala- awarded by Banker Magazine, 2007
    3.   Best Renewable Energy Deal for Central America- awarded by Project Finance Magazine, 2007
    4.   Best Power/ Energy Deal for Central America- awarded by Latin Finance, 2007
    During the past five years Mr.Guiseppi has also appeared as a featured speaker at several regional and international seminars delivering
papers on topics including Project Financing in the Caribbean, Energy Sector Financing and Capital Market Development in the Caribbean.
    Mr. Guiseppi is also the author of several publications including, "Project Financing in the Caribbean" and "Financing and Energy
Projects in an Emerging Market" which were featured in Euromoney Project Finance Magazine.

    Mr.Guiseppi has an M.Sc in Economics from the University of the West Indies.
    Mr Guiseppi is currently a director of the following company:
    Caribbean New Media Group
    In the past five years, Mr Guiseppi has been a director of the following companies:
    RBTT Merchant Bank
    RMB Finance Limited
    RMB Holdings Limited
    RMB Investments Limited
    RBTT Insurance Agency Limited
    Development Finance Limited
    Development Finance Holdings Limited
    RGM Limited
    Lavalouse Limited
    Trinidad and Tobago Manufacturers Association
    British Caribbean Chamber of Commerce
    National Football Stadium Company Limited
    The Company intends to adopt a new Long Term Incentive Plan, the BBHL Long Term Incentive Plan 2008 (the Plan) on broadly similar terms
to the BBHL 1997 Long Term Incentive Plan and intends to grant the following options under the Plan, such grants to be effective as at
August 1 2008:

 Name                Number of BBHL ordinary shares subject to option  
 Lord Ashcroft KCMG                     2,000,000                      
 Lyndon Guiseppi                        2,000,000                      
 Philip Johnson                         2,000,000                      
 Philip Osborne                         1,000,000                      
    The exercise price in respect of each option is US$6.50 per BBHL ordinary share which is 49% above the current market price of BBHL
ordinary shares. The options vest and become exercisable in three equal instalments on August 1 2012, August 1 2013 and August 1 2014 and
they lapse on August 1 2019.
    There are no further details that are required to be disclosed pursuant to paragraph (g) of Schedule 2 and Schedule 5 of the AIM Rules.
    With immediate effect, Philip Johnson becomes Deputy Chairman of BBHL and remains Chairman of Belize Bank Limited.  The Board now
comprises of Lord Ashcroft KCMG (Chairman), Philip Johnson (Deputy Chairman), Lyndon Guiseppi (Chief Executive Officer), Peter Gaze (Chief
Financial Officer), Cheryl Jones, Philip Osborne (Company Secretary and Legal Counsel) and John Searle.

    FIRST QUARTER RESULTS

    Earnings per share for the quarter ended June 30, 2008 was $0.30 (2007 -- $0.22).

    Commenting on corporate performance, Chairman, Lord Ashcroft, KCMG, said:

    "Financial Services has made an excellent start to the new financial year with operating income over 20 per cent ahead of 2007"

    "Numar, our associate, contributed $6.7 million to net income which is $3.2 million ahead of 2007 and a record contribution for one
quarter." 

    The Financial Services division reported a strong performance for the quarter ended June 30, 2008. Operating income for the quarter
increased by 20.2 percent to $12.5m (2007 -- $10.4m). Interest income for the quarter increased by 36.4 percent to $25.1m (2007 - $18.4m).

    Numar produced outstanding results in the quarter. Sales for the quarter were significantly ahead of 2007 with continuing strong gross
margins. Market prices of crude palm oil remain strong.

    FUTURE STRATEGY

    Over the past few years the Belize Bank has sought to diversify from its traditional dependence on Belize and the Belize dollar into
other areas of the Caribbean and into the United States dollar. As a consequence on a current pro-forma basis over 75% of the Group's
earnings from financial services are in US dollars.

    With the appointment of Lyndon Guisseppi this process will be further accelerated by expanding both the range of services offered and
entry into additional markets in the region.

    BACKGROUND INFORMATION

    The Financial Services division operates principally through the Belize Bank in Belize and the Turks and Caicos Islands. In Belize, the
Bank is the largest, full service commercial and retail banking operation with a head office in Belize City and thirteen branches extending
into each of the six districts of Belize. The principal operations of the Bank are commercial lending, consumer lending, deposit-taking and
related banking activities. In Turks and Caicos the Bank is the largest commercial lender and is expanding rapidly. 

    The Company's associate, Numar, owns edible oil processing and distribution operations and palm seed plantations principally in Costa
Rica, where they are market leaders in edible oils, margarine, industrial oils and animal feed. 

    For further information contact:

    Makinson Cowell                                                   BB Holdings
    +1 (212) 994 9044                                                 UK +44 (0)20 7248 6700
                                                                                   Belize +501 227 7178

    Note: This and other press releases are available at the Company's web site: http://www.bbholdingslimited.com. 


    BB Holdings Limited
    Financial Information
    Summarized Consolidated Statements of Income (unaudited)
    US dollars in millions except per share data


 3 Months ended June 30                     2008   2007
                                              $m     $m

 Financial Services
 Interest income                            25.1   18.4
 Interest expense                         (10.2)  (7.2)

 Net interest income                        14.9   11.2
 Provision for loan losses                 (1.0)  (0.5)
 Net non-interest expense                  (1.4)  (0.3)

 Operating income - Financial Services      12.5   10.4
 Corporate expenses                        (1.6)  (0.9)

 Total operating income                     10.9    9.5
 Associates                                  6.7    3.5
 Interest income                             0.1     --

 Net income                                 17.7   13.0

 Earnings per ordinary share:
 Basic and diluted:
 Net income                                $0.30  $0.22

 Number of shares - basic & diluted        59.1m  59.1m
        
       



    BB Holdings Limited
    Financial Information
    Summarized Consolidated Balance Sheet (unaudited)

                                                     June 30  March 31
                                                        2008      2008
                                                          $m        $m
 Assets
 Financial Services
 Cash, cash equivalents and due from banks              44.2      43.9
 Interest-bearing deposits with correspondent banks     87.8     127.1
 Loans - net                                           818.1     761.1
 Property, plant and equipment - net                    16.9      17.0
 Other assets                                           33.1      38.8
 Total Financial Services assets                     1,000.1     987.9
 Corporate
 Cash and cash equivalents                               0.4       0.2
 Other current assets                                    0.5       0.4
 Property, plant and equipment - net                     0.1       0.1
 Associates                                             85.9     79.2 
 Total assets                                        1,087.0   1,067.8


 Liabilities and shareholders' equity
 Financial Services
 Deposits                                              634.1     641.1
 Short-term debt                                         2.5        --
 Interest payable                                       12.4       9.7
 Other liabilities                                      13.0      10.7
 Long-term debt                                        112.5     112.5
 Total Financial Services liabilities                  774.5     774.0
 Corporate
 Current liabilities                                     5.2       4.2
 Long-term liabilities                                   1.2       1.2
 Total liabilities                                     780.9     779.4
 Total shareholders' equity                            306.1     288.4

 Total liabilities and shareholders' equity          1,087.0   1,067.8
                    
       
    BB Holdings Limited
    Financial Information
    Summarized Consolidated Statement of Cash Flows (unaudited)

 3 Months ended June 30                                           2008    2007
                                                                    $m     $m 
 Cash flows from operating activities
 Net income                                                       17.7    13.0
 Adjustments to reconcile net income to net cash
   provided by operating activities:
 Depreciation                                                      0.4     0.3
 Provision for loan losses                                         1.0     0.5
 Undistributed earnings of associates                            (6.7)   (3.5)
 Increase in interest payable                                    2.7       0.9
 Changes in assets and liabilities - net                           3.9   (0.3)

 Net cash provided by operating activities                        19.0    10.9


 Cash flows from investing activities
 Purchase of property plant and equipment (net of disposals)     (0.3)   (2.1)
 Decrease (increase) in interest-bearing deposits                 39.3   (1.1)
 Decrease in Government securities                                 5.0      --
 Increase in loans to customers                                 (58.0)  (34.3)

 Net cash utilized by investing activities                      (14.0)  (37.5)


 Cash flows from financing activities
 Decrease in deposits                                            (7.0)  (16.9)
 Increase in long-term debt                                         --    50.0
 Increase (decrease) in short-term debt                            2.5   (4.0)

 Net cash (utilized) provided by financing activities            (4.5)    29.1

 Net change in cash, cash equivalents and due from banks           0.5     2.5

 Cash, cash equivalents and due from banks at beginning of        44.1    46.4
 period

 Cash, cash equivalents and due from banks at end of period       44.6    48.9



    Ends
    

This information is provided by RNS
The company news service from the London Stock Exchange
 
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