Starburst Innovations (Anguilla) Limited, (Starburst), in a letter to the Anguilla Government from its solicitors, Astaphans Chambers, dated May 9th, 2006, presented a proposal for the acquisition, improvement and further development of Cap Juluca Resort on behalf of all Anguillians.

Starburst in its proposal to the Government committed itself among other objectives to:
i) ensure that 67% of the shares in Starburst (subject to negotiations with a joint venture partner) are owned by and on behalf of all Anguillian Citizens and Belongers of Anguilla;
ii) reserve a significant portion of the 67% of the shares for the Hotel’s management and staff;
iii) invite the Government, Anguillian companies with wide shareholding, other Anguillian owned businesses and Anguillian Belongers to subscribe for the remainder of the 67% of the shares;
iv) allocate 33% of the shares in Starburst to a foreign joint venture partner or partners;
v) enter into a joint venture agreement with the foreign partner to finance the acquisition, improvement and development of Cap Juluca;
vi) pay fair value for Cap Juluca based on independent professional valuation using well established valuation methodologies appropriate to the circumstances;
vii) make suitable arrangements to fairly discharge Cap Juluca’s obligations to its creditors;
viii) take necessary steps to ensure that, in the absence of a catastrophic natural or other event, the Resort operates without interruption in the 2006-07 tourist high season;
ix) preserve, enhance and further develop the Cap Juluca brand and seek to maintain it as Anguilla’s “Flagship” property;
x) preserve and maintain the current level of employment opportunities at Cap Juluca Hotel subject to Starburst’s business strategy and Cap Juluca’s organizational needs; and
xi) retain in place the management team which over the past several years, with the support of the staff, enabled Cap Juluca to achieve and maintain its award winning position as the premier boutique resort in the Caribbean.
A number of meetings have been held with the Government at which Starburst’s proposals have been discussed and at which potential foreign joint venture partners have been introduced to and have held exploratory discussions with the Government, regarding their joint venturing with Starburst.
Starburst Innovations is an Anguillian company incorporated for the purpose of facilitating and enabling Anguillians to achieve majority ownership of Cap Juluca. The Company recognizes and is extremely proud of the sterling achievements of the management team and the entire staff of the resort in taking Cap Juluca to the pinnacle of Caribbean tourism resorts under very trying circumstances.
Starburst was formed as a result of the initiative of Mr. Carl Kruse a US investment broker and Mr. Eustace Guishard, hotel management professional and former General Manager of Cap Juluca has now joined Mr.Kruse on the Company’s Board . The Company recently held a number of meetings to create a Board of Directors representative of the constituent groups from the Anguillian community and key strategic allies in Starburst’s journey to enable Anguillians to own and control Cap Juluca, not just manage and operate it.
The Company is also preparing the necessary documentation to make it possible for the various groups making up the Anguillian community to participate in the Company’s equity.
The Company recognizes that, at this time, a historic opportunity has presented itself to further advance the economic empowerment of the people of Anguilla by acquiring majority ownership in this jewel of Anguilla’s tourism. It is but a short, yet critical step in the economic empowerment of the people of Anguilla for them to achieve majority ownership in a business which they have managed and operated to great success over more than five years.
A group of Anguillian business leaders on behalf of Anguillian businessmen as a whole have come together to lend their support to Starburst’s efforts to enable Anguillians to gain ownership and control of Cap Juluca and have held discussions with the Government, with potential joint venture partners of Starburst, as well as the owner of Cap Juluca and have declared their support for the Anguillianization of Cap Juluca’s ownership.
The Company has reviewed the potential joint venture partners, has short listed those with whom it will seek to negotiate a joint venture agreement and will shortly select its choice of joint venture partner from the short list.
Starburst is extremely grateful to the Government for providing the opportunity for the Company to present its proposal, geared to achieving Anguillian ownership and control of Cap Juluca, as a credible option for the Government and people of Anguilla. The Company hopes that in the end the opportunity for Anguillian ownership and control of Cap Juluca will become a reality and further advance economic empowerment through ownership, and wealth creation for all Anguillians.

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