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So, from here, it's either unto negotiations or legislation to effect a takeover. Either way, it's going to cost - and on Friday when we spoke with the Prime Minister in Belmopan we discussed some possibilities - here's what he had to say:..

Jules Vasquez
"You had said loosely the other day, almost tongue-in-cheek maybe that with the company in the present state, perhaps there is a negative share value. However you will agree that it has a regulated assets valued in the hundreds of millions of dollars."

PM Dean Barrow
"Those who know better than I suggest that that's not the end of it. I look at case recently where there was a forced takeover and in relation to the claim for compensation the court says this was a failed company - failing and failed company and you are not entitled to any compensation. So quite how you trade off the fact that there is an asset value against the fact that the company virtually is insolvent - is bankrupt, I don't know but obviously the idea is to get somebody to conduct that exercise fairly and for government then to bite the bullet once it is satisfied that whatever price is come up with is in all the circumstances are justifiable price."

In its most recent BEL accounts lists its physical assets of poverty, plant and equipment at over 444.6 million Belize dollars and its most recent accounts say that at the end of December 2010 its equity is valued at 286.7 million dollars. BEL presently lists as a long term liability, 69 million dollars in debentures.

We should note that - apart from Fortis - the Social Security Board is the second largest shareholder in BEL; it owns 27% of the company. That is essentially government controlled, so, looking at it from a least cost perspective, the maximum number of shares government would need to gain a controlling interest would be 24%.

We very much doubt however that FORTIS would want to be a minority shareholder. We'll see where it goes in the days to come…