Hendrickson waives right to elect Pegasus directors, for now
Local hotelier, Kevin Hendrickson has decided to proceed with the purchase of the Jamaica Pegasus Hotel in Kingston ahead of the majority shareholder — National Hotels and Properties (NHP) — getting amendments made to the company’s articles that would immediately entitle Hendrickson to elect six board members.
The stipulation was originally a pre-requisite for the sale to be completed, but according to a release by the state-owned NHP, Hendrickson agreed to waive that condition even though the new agreement still requires the NHP to “use its best endeavours to amend the article of Pegasus as originally contemplated”.
Hendrickson has agreed to purchase NHP’s 59.81 per cent stake in Pegasus for US$11 million.
Joy Douglas, general manager of NHP’s parent, the Urban Development Corporation (UDC), said the agency was grateful for the concession “so that the transaction can proceed to completion without further delays”.
