The long awaited and much discussed CPBL annual general meeting was held this afternoon at the company's headquarters in the Pomona Valley. Unlike the last meeting, which was fraught with contention, today's closed-door session was carefully orchestrated to include those invited by proxy and proceed without incident.

And right that it should have been precisely choreographed; after all, the meeting marks ascension of three new directors from the Citrus Growers Association and restores control of the Citrus Company into the hands of the Citrus Growers Association.

So, after being briefed on the meetings agenda and code of conduct by the Chairman of the Citrus Growers Association, the rank and file of the CGA left for the meeting at the CPBL's compound which got underway at 1:30 this afternoon. And in tow was our Jim McFadzean who filed this report.

Jim McFadzean Reporting
"This security gate behind me is as far as we are allowed to go today. The once friendly and accommodating Dr. Henry Canton has decided that the press would not be allowed into today's closed-door meeting."

Jim McFadzean
"Any reason why the press is not allowed to go behind this gate?"

Bryon Bowman, Chairman, Citrus Growers Association
"No, I have no reason why the press is not being allowed. It's a management call for Citrus Products of Belize Limited."

CEO Dr. Canton's call to exclude the press, might be a sign that the once affable and press savvy CEO has gone defensive after the recent court ruling in favour of the CGA to appoint and replace Board Members at its own discretion and choosing. But more than that, Canton is expected to be challenged by the principal shareholder about the company's 11 million dollar loss reported for 2009.

Jim McFadzean
"I guess the burning question for today is, 'What is going to be discussed behind those closed doors? What is so private? Why is the media shut out of today's closed door meeting?"

Bryon Bowman
"Well, Jim, what is going to be discussed is the Annual General Meeting of CPBL, and its for shareholders only. I suspect if, going by just the rules, for somebody to enter the meeting, they either need to go in by proxy. And I think strictly based on that, it would be my suspicion why the media would not be allowed in. What would be discussed would be the financials of the company for the last audited fiscal year, the appointment of directors, the appointment of auditors and the report from the directors for the previous year."

Jim McFadzean
"Now, that report, I've seen a bit of it. $11 million dollars lost by the CPBL for 2009. Is that accurate?"

Bryon Bowman
"That is accurate. That's from the period of October 2008 to September 2009. Yes that is correct."

Jim McFadzean
"Any idea where the losses were incurred. Is there a reason by the management of CPBL as to why so much money was lost in 2009? Because there was a gain of $5 million in 2008, am I right?"

Bryon Bowman
"That is correct, Jim. As you know, our directors only got seated here less than a week ago. And so we have not had the opportunity to look into the details of it but I am sure what that loss represents for the company, yes its bad news, but I'm pretty sure its justified. We just need to look into the details."

Although Canton's employment contract with CPBL does not expire until May of next year, there is movement on the part of some at the top to remove him prematurely.

Jim McFadzean
"Will Dr. Henry Canton remain as CEO and when does his existing contract expire?"

Bryon Bowman
"As far as him remaining as CEO, that is his job, there has been no change to that. there has been no discussion on that issue so as far as him remaining as the CEO, he is the CEO, and he continues to remain the CEO."

Jim McFadzean
"When does his contract expire as CEO?"

Bryon Bowman
"I beleive next year May by the investment agreement, I think May 2011 is when through the investment agreement, his contract is up for renewal."

Jim McFadzean
"And there would be no discussion of his existing contract in today's closed door meeting?"

Bryon Bowman
"There will be no discussion of his contract in today's meeting."

Jim McFadzean,
"So, as it relates to Dr. Henry Canton, he doesn't have to worry about any bad news coming out of this meeting?"

Bryon Bowman
"As far as his position as CEO, there should be nothing coming out of this meeting as far as that is concerned."

Jim McFadzean,
"As it relates to him having the right to sit on the board?"

Bryon Bowman
"That has been changed and he, as of today, is not a director on the board. He is just CEO to my knowledge. What happens at the end of the meeting will be a different story."

But whether Canton stays on as CEO or goes, one thing is quite clear, the pendulum that once swayed in his favour has all of a sudden began to swing in a different direction.

Jim McFadzean,
"As the Chairman of the Citrus Growers Association said today, the court's ruling in favour of them is only the first stage in the battle won, Seven News attempted to get a comment from Dr. Henry Canton today, but ‘mum' was the word. Reporting for 7News, I'm Jim McFadzean."

Today's meeting is also expected to formalize and introduce the CGA's five representatives on the CPBL's Board of Directors. Late word is that a resolution was passed requesting the Board of Directors to conduct a feasibility study on the viability of each of the subsidiaries of the company and report back to the shareholders in 4 months.

Of very significant note is that the four directors representing minority shareholder Banks Holdings did not attend today's annual general meeting. Their interest was represented by Attorney Derek Courtney.