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Solar Enterprises Files Annual Report for the Year Ending March 31st, 2005
Hamilton, Bermuda: 7th February 2006 - Solar Enterprises Ltd. has filed its Annual Report with the Bermuda Stock Exchange (BSX), for the year ending March 31st, 2005 as well as the President's Report to Shareholders.
"During the last month, the Board of Directors was saddened to learn of the death of James A. Pearman who was President of the Company for many years. He always believed in the Company and that the land in East Caicos should not be sold for less than its true value. He will be missed. In addition, Mr. Leadbitter, a director for many years, also passed away in the last year. He too will be missed.
Since the last Annual General Meeting there have been several changes in the Board of Directors. Nicholas B. Dill resigned as President of the Company and Peter A. S. Pearman was appointed as President in his place. In addition, Edward Doe resigned as a Director and Gregory Toloram was appointed as a Director to fill the vacancy. The Board of Directors would like to thank Edward for his many years of service of the Company. Edward worked tirelessly to try and sell the Company's property in the Turks & Caicos Islands.
The Annual General Meeting of the Company is somewhat later than normal for a variety of reasons, not the least of which is the impending sale of the Company's principal asset, being approx. 1375 acres of undeveloped land in East Caicos in the Turks & Caicos Islands (the "Land"). The Board is hopeful that sale will be completed prior to the holding of the AGM, and we shall provide you with more details at that time.
As most of you will already know, the Company has entered into a contract for the sale of the Land for the sum of US$8,500,000. The stated Settlement Date is "on or before 2 February 2006". The Board of Directors have every reason to believe that after many years the sale of the Land will finally be completed. The current share capital of the Company is divided into 750,000 shares of par value $1.00 each.
It is expected that once the sale has been completed, the Company will, later in 2006 formally de-list from the Bermuda Stock Exchange. In addition, it is the Board of Director's intention, soon after the completion of the sale of the Land, to declare an interim dividend of part of the sale proceeds in order to recognize the shareholder's patience over these many years. It is further the intention of the Board of Directors that after de-listing from the Bermuda Stock Exchange and the completion of various other administrative matters that the company be placed into voluntary members liquidation and thereby ending the history of the Company. In order to achieve these goals there will need to be a number of Special General Meetings in the coming months and I would encourage you to participate in these meetings in order that matters may proceed smoothly. It must of course be reiterated that such matters are of course dependent on the completion of the sale of the Land, and at the date of this letter, that has not happened yet."
For and on behalf o f the Board of Directors
Signed by:
Peter A. S. Pearman, President