CL FINANCIAL OFFERS CONTROLLING STAKE TO BELVEDERE FOUNDERS

CL Financial yesterday offered to turn over its controlling stake (68%) in Belvedere to the company’s founders, Jacques Rouvroy and Christophe Trylinski. The founders would have to provide guarantees of payment by July 31 with the transfer of CL Financial’s shares taking place by September 30. If this does not happen, CL Financial will make the necessary changes to ensure it has a majority say on Belvedere’s board.