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Financial News

Jan 2017 Financial News

Trinidad Cement Limited - Change in Majority Share Ownership of TCL

Jan 26, 2017

CHANGE IN MAJORITY SHARE OWNERSHIP OF TRINIDAD CEMENT LIMITED

The Board of Directors of Trinidad Cement Limited ("TCL") has been advised by Sierra Trading ("Sierra"), an indirect subsidiary of Cemex, S.A.B. de C.V., that as at January 25, 2017, the tally of TCL shares deposited by shareholders in response to its Offer and Take-Over Bid ("the Offer") was approximately 114,313,299 TCL shares (subject to verification of validity of all acceptances received), which, together with Sierra's existing shareholding in TCL, represents approximately 70.01% of the outstanding TCL shares.

The approximate total consideration to be paid by Sierra for the TCL shares deposited pursuant to the Offer is US$86,878,107.24. Payment to TCL shareholders in Trinidad and Tobago will be made on or before February 03, 2017, in the amount of TT$5.07 or US$0.76 per share, depending on the currency option selected by TCL shareholders in Trinidad and Tobago.

Pursuant to Regulation 16 (3) of the Securities (Take-overs and Mergers) Regulations, 1999 of the laws of Jamaica, given that the Offer was declared unconditional on January 24, 2017, the Offer will remain open until February 07, 2017 for TCL shareholders in Jamaica. This automatic extension may further increase Sierra's shareholding in TCL and the consideration to be paid by Sierra. However, Sierra's shareholding in TCL will not exceed 74.9%. Payment to TCL shareholders in Jamaica will be made on or before February 21, 2017 in the amount of TT$5.07 or US$0.76 per share or the Jamaican currency equivalent of TI$5.07 per share, depending on the currency option selected by TCL shareholders in Jamaica.

Pursuant to section 18 (1) of the Take-over Bid Regulations, 2002 of the laws of Barbados, a formal notice will be issued to all shareholders in Barbados confirming that Sierra will take up all TCL shares deposited by TCL shareholders in Barbados. Payment to TCL shareholders in Barbados will be made on or before February 23, 2017, based on the Barbados currency equivalent of TI$5 .07 per share.

After the closing of the Offer in Jamaica on February 07, 2017, a further notice will be issued advising of Sierra's final shareholding in TCL.

This Notice is published pursuant to Section 64(1)(b) of the Trinidad and Tobago Securities Act, 2012.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday January 26, 2017