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Financial News

Apr 2012 Financial News

TCL - Changes in Directors

Apr 04, 2012

Trinidad Cement Limited has informed the Stock Exchange that Dr. Leonard Nurse and Mr. Jeffrey Mc Farlane, Directors of the Company, have resigned from the Board effective March 28th, 2012, to facilitate the appointment of Messrs. Jean Michel Allard and George Thomas, who are nominees of the Steering Committee of Lenders as part of the Group’s debt restructuring program. Messrs. Thomas and Allard were appointed with effect from March 29th, 2012 in accordance with Clause 4.4.2 of the Company’s By-Laws, which empowers the Board to fill the casual vacancies so created. These appointments will be submitted for ratification at the next TCL Annual Meeting.

Messrs. Thomas and Allard both have extensive experience in the international cement industry and both recently participated in an ICSA (International Corporate Secretaries Association) workshop on Corporate Governance in Trinidad. The TCL Board has also agreed that Messrs. Nurse and McFarlane will maintain their participation in Board Meetings of the Group and may offer themselves for re-election at the upcoming Annual Meeting of the Company.

At the upcoming Annual Meeting of TCL recommendations will be submitted to
shareholders for amendments to be made to the Articles of Continuance to expand the maximum number of Directors from 10 to 12 and to shorten the terms of office of Directors from the current 3 years to 2 years, with appropriate provisions for rotation.

The Trinidad and Tobago Stock Exchange Limited
Wednesday April 4, 2012