Apr 2011 Financial News

TCL - Request for an extension of the deadline for submission of 2010 Financial Statements

Apr 15, 2011

Trinidad Cement Limited has applied for an extension on the 90 day time limit required by the Exchange’s Listing Rules for submission of the financial statements of Trinidad Cement Limited (TCL) and Readymix (West Indies) Limited (RML) for the year ended December 31st 2010. An extension until April 30th 2011 has been requested in the first instance.

Commencing with the release of the Group’s financial statements for the third quarter 2010, shareholders, investors and other stakeholders have been advised of the debt restructuring being undertaken by the TCL Group. In a recent update sent to the Exchange, it was indicated that the review exercise being conducted by the Independent Advisor to the Lenders’ Steering Committee had commenced. The exercise is expected to take a month following which recommendations for debt restructuring will be submitted for the consideration of the Steering Committee which comprises lenders representing 75% of the Group’s total debt.

In relation to its Jamaican subsidiary, Caribbean Cement Company Limited (CCCL) negotiations are at an advanced stage for the implementation of a major supply contract which will significantly enhance the Company’s and by extension, the Group’s prospects in the near term. The finalization of this supply contract has relevance to the Group’s 2010 Audited financial statements.

The Directors of TCL and RML are of the view that finalization and publication of the 2010 financial statements prior to substantial resolution of the matters referred to above will result in a distorted perspective being given to existing and prospective shareholders about the Group’s performance and state of affairs and consequently a deferral is required.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday April 15, 2011