Jan 2017 Financial News

Trinidad Cement Limited - Notice of Change and Variation of Offer and Take Over Bid

Jan 12, 2017

NOTICE TO SHAREHOLDERS

NOTICE OF CHANGE AND VARIATION TO OFFER AND TAKE-OVER BID BY SIERRA TRADING

Further to a Notice to Shareholders published on December 8, 2016, Trinidad Cement Limited ("TCL") hereby advises that on January 9, 2017, its Board of Directors was presented with a Notice of Change and Variation of even date, issued by Sierra Trading ("Sierra "), an indirect subsidiary of CEMEX, S.A.B. de C.V. regarding their Offer and Take-Over Bid Circular dated December 5, 2016 (the "Offer") to all shareholders of TCL to acquire up to 132,616,942 ordinary shares in TCL at a price of TT$4.50 in cash per TCL share.

The said Notice of Change and Variation, which took effect on January 9, 2017, announced an increase of the Offer Price from TT$4.50 per TCL share to TT$5.07, with an option for all TCL shareholders to receive payment in US dollars, with the exception of those resident in Barbados, who will be paid in Barbados dollars.

Except as otherwise set forth in the Notice of Change and Variation, the terms and conditions previously set forth in the Offer continue to be applicable in all respects.

Sierra currently holds 39.5% of TCL's issued share capital and the Offer, as amended by the Notice of Change and Variation ("the Amended Offer") if fully subscribed, will result in Sierra holding not more than 74.9% of the issued and outstanding ordinary shares in TCL.

Further to its Directors' Circular dated December 23, 2016, and in light of the Amended Offer,the Board of Directors of TCL is expected to issue a Supplemental Directors' Circular on or before Tuesday, January 17, he Amended Offer will be open for acceptance in Trinidad until 3:00 pm on Tuesday, January 24, 2017.

This Notice is published pursuant to Section 64( 1)(b) of the Trinidad and Tobago Securities Act,  2012.
 

Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday January 11th, 2017