Nov 2016 Financial News

Trinidad Cement Limited - Trust Deed for Acquisition of Ordinary TCL Shares

Nov 28, 2016

Notice

In December 2014 and January 2015, Trinidad Cement Limited (TCL) published notices advising that a Memorandum of Agreement was entered into with the Oilfields Workers’ Trade Union, regarding the Order of the Industrial Court on certain Trade Disputes and all other outstanding items for the period 2012-2014. Further to those notices, TCL herby advises that it has entered into a Deed of Settlement and Trust (the Trust Deed) on November 24, 2016 with First Citizens Trustee Services Limited (FCTSL) as the Trustee, in order to settle the remaining obligations to eligible employees under the Order and the Memorandum of Agreement.

Under the terms of the Trust Deed, TCL will deposit a sum marginally in excess of the equivalent of TTD20 million less applicable taxes with the Trustee. The Trustee will be required to use these funds to acquire ordinary shares of TCL, available at market prices on the floor of the Trinidad and Tobago Stock Exchange or by way of private treaty. Upon a vesting day determined in accordance with the Trust Deed, the acquired shares will be transferred to eligible employees.

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday November 28, 2016