Nov 2012 Financial News

Republic Bank Limited - Launch of CLICO Investment Fund

Nov 01, 2012

November 1, 2012: Port of Spain, Trinidad: In accordance with Section 66(3) of the Securities Industry Act 1995 of the Laws of Trinidad and Tobago, Republic Bank Limited has informed the Trinidad and Tobago Securities and Exchange Commission that on November 1st, 2012 the CLICO Investment fund (“the Fund”) was launched by the Government of Trinidad and Tobago (“the Government”). This Fund is an initiative of the Government to settle through the issue of units in the Fund, amounts due to holders of Short-Term Investment Products (“STIPS”) sold by Colonial Life Insurance Company (Trinidad) Limited and British American Insurance Company (Trinidad) Limited.

The Fund comprises in part, 40,072,299 Republic Bank Limited shares (“the Republic Bank Shares”) having a nominal value of $4,397,133,269.27 (at current market prices). The Republic Bank Shares were transferred from Colonial Life Insurance Company (Trinidad) Limited to the Fund Sponsor, the Government, and subsequently transferred to the Fund Trustee, CLICO Trust Corporation Limited, as part of the initial assets of the Fund. The Republic Bank Shares in the Fund represent 25% of the total issued share capital of Republic Bank Limited.

The Republic Bank Shares are being held in trust solely for the benefit of subscribing unitholders in the Fund. Republic Bank Limited is the Fund Administration Agent as well as one of the Distributors of the Fund.

The Fund is an independent entity and the units in the Fund will be trade-able on the Trinidad and Tobago Stock Exchange at a date to be advised. The constitution of the fund and the transfer of the Republic Bank Shares into the Fund will result in no change to the management and or the operation of the Republic Bank Group.

Authorised by:
Jacqueline Quamina
Corporate Secretary


Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday November 1, 2012