Jun 2013 Financial News

AMCL - Sale of Shares in Consolidated Finance Company Limited

Jun 14, 2013

ANSA McAL Limited (AMCL), the 100% indirect shareholder of Consolidated Finance Company Limited (CFC), has informed the Stock Exchange that its Executive Committee of Directors conditionally approved acceptance of Ansa Merchant Bank Limited’s (AMBL) Offer to acquire CFC at the proposed acquisition price of BDS$53 million. The AMCL Executive Committee of Directors is fully authorized to deal with this transaction under internal AMCL governance policy.

At the last meeting of the full AMCL Board of Directors on June 6th 2013, the Executive Committee’s decision was tabled for consideration and the AMCL Board ratified the decision of the Executive Committee of Directors to accept AMBL’s Offer. The AMBL Offer made was conditional and will only become binding upon fulfillment of the conditions contained therein. The transaction also therefore remains contingent on the receipt of all regulatory approvals, execution of a binding acquisition agreement and a completion of a satisfactory taxation and financial due diligence exercise on CFC.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday June 14, 2013