May 2017 Financial News

Readymix (West Indies) Limited - Change in Majority Share Ownership of RML

May 04, 2017

The Board of Directors of Readymix (West Indies) Limited (“RML”) has been advised by Trinidad Cement Limited (“TCL”) that as of May 1, 2017, the latest tally of Ordinary Shares deposited by RML Shareholders in response to its Offer and Take-Over Bid (“the Offer”) dated March 27, 2017, was approximately 1.6M Ordinary Shares (subject to verification of validity of all acceptances received), which, together with TCL’s existing shareholding in RML, represents approximately 84.1% of the outstanding Ordinary Shares.

TCL intends to take up all Ordinary Shares deposited pursuant to the Offer. The approximate total consideration to be paid by TCL for the Ordinary Shares deposited is US$2.5M and TT$30K. Payment to RML Shareholders is expected to be made on or before May 11, 2017, in the amount of TT$11.00 or US$1.62 per Ordinary Share, depending on the currency option selected by RML Shareholders. Payment is subject to the verification of validity of all acceptances received by both the Trinidad and Tobago Central Depository and First Citizens Brokerage and Advisory Services Limited and to the timely provision of all required information by Shareholders who deposited their Shares.

TCL has advised that all the terms and conditions of the Offer have been compiled with or waived and that the requisite Foreign Investment License from the Ministry of Finance was received, as of May 1, 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
Thursday May 4, 2017