Jun 2012 Financial News

CL Financial shareholders to vote at AGM

Jun 08, 2012

Four days before the expiration of the June 2009 shareholders agreement between the Government and CL Financial, shareholders of the insolvent conglomerate will get the opportunity to vote on whether the agreement should be extended for a six-month period. CL Financial shareholders hold their annual general meeting at the Clico Box at the Queen’s Park Oval in Port-of-Spain this afternoon and the most important item of business is the proposal to extend the three-year agreement, which legally entrenched the Government’s control over the private company. The agreement, which expires on Tuesday, June 12, mandated that CL Financial would be run by a seven-member board and that four of the seven members would be appointed by the Government. The CL Financial shareholders will also consider and vote to ratify the appointment of the four Government directors to the board of the company “for the period ending December 31, 2012.”

The four Government directors are Gerald Yetming, Phillip Marshall, Joseph Teixeira and Adanna Toney. Apart from chairing the CL Financial board, Yetming, who served as Minister of Finance in 2000 and 2001, is also the chairman of insurance company Clico, rum and bitters producer Angostura and Jamaican rum producer, Lascelles deMercado. The CL Financial shareholders will also be asked to consider and vote for the election of three shareholder directors for the period ending December 31, 2012. The three are English attorney, Andrew Mitchell QC, local businessman Stephen Castagne and Robert Ramchand. Mitchell represents the interests of former CL Financial chairman, Lawrence Duprey, before the Commission of Enquiry (COE) that was appointed by the Government to probe the collapse of CL Financial, and Clico in January 2009 as well as the HCU some time earlier.

That COE is due to resume hearing Clico evidence today.


Source:
Trinidad Guardian
Friday June 8, 2012

http://www.guardian.co.tt/business/2012-06-07/cl-financial-shareholders-vote-agm