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Financial News

Nov 2012 Financial News

Meeting today on CLICO fund

Nov 14, 2012

CHAIRMAN of Republic Bank Ltd David Dulal-Whiteway is scheduled to meet with the CLICO Policyholders Group (CPG) today to discuss the recently formed CLICO Investment Fund (CIF).

On November 1, the CIF was formed to settle outstanding money owed to CLICO policyholders.

"This represents a key and final milestone in the Government's commitment to settle the balances due to the 15,794 holders of Short-Term Investment Products (STIPS) sold by Colonial Life Insurance Company (Trinidad) Limited and British American Insurance Company (Trinidad) Ltd," the Ministry of Finance's website states.

The Fund comprises in part 40,072,299 Republic Bank Ltd shares with a nominal value of nearly $4.4 billion (at current market prices).

From January 2, 2013, the fund is expected to begin trading on the Trinidad and Tobago Stock Exchange (TTSE).

Republic Bank Ltd is the Fund Administration agent as well as one of the distributors of the Fund.

Following the establishment of the CIF, the CPG requested a meeting with Dulal-Whiteway.

Dulal-Whiteway agreed to the meeting which will be held at 10 a.m. at Republic Bank Ltd's head office located at Park Street, Port of Spain.

Peter Permell, the CPG's chairman, told the Express Monday that four specific points will be raised.

The issues to be raised are:

1. Too firstly commend the bank on its stellar performance for the financial year ending September 30, 2012, having declared profits of $1.2 billion and dividends of $3 per share;

2. To confirm that $120.8 million of this profit will be paid via dividends to the newly established CLICO Investment Fund (CIF) in December 2012 for the benefit of its unitholders and that the first dividend payment of the CIF will be paid (to unitholders) in February 2013;

3. To achieve a better understanding of the bank's role and functions as the administration agent of the CIF given its 25 per cent shareholding in the bank.

4. To discuss possible ways in which the CPG as a group could collaborate with the bank that would be mutually beneficial to the bank and all stakeholders, inclusive of CIF unitholders going forward.

By Joel Julien
Trinidad Express
Wedneseday November 14, 2012