Jun 2017 Financial News

Trinidad Cement Limited - Changes arising out of AGM and Resignation of Director

Jun 01, 2017

Trinidad Cement Limited (“TCL”/“the Company”) hereby advises as follows:

1. Material Changes arising out of the Annual Meeting of the Company:

The Annual Meeting for the year ended December 31, 2016 was duly convened and held at the Hilton Trinidad and Conference Centre, Lady Young Road, Port of Spain, Trinidad on Friday, May 26, 2017, giving rise to the following:

Change to By-Law No. 1 of Trinidad Cement Limited

The following resolution was duly considered and unanimously passed by shareholders at the Annual Meeting:
“BE IT RESOLVED THAT the amendment of paragraph 4.1 of By-Law No. 1 of Trinidad Cement Limited by the Board of Directors on March 16, 2017 to delete the last sentence thereof which reads: “The majority of directors must be persons resident in the West Indies.” be and is hereby confirmed by the shareholders of the Company, effective as of May 26, 2017, in accordance with Section 66 of the Companies Act, Chap. 81:01.”

Paragraph 4.1 as amended states:
“The number of directors or the minimum and maximum number of directors of the Company shall be as set out in the Articles of the Company, of which there shall be no more than five executive directors, provided always that the number of non-executive directors shall at all times exceed the number of executive directors by at least two.”

Declaration of Dividend

The Board of Directors declared the payment of a final dividend for the year ended December 31, 2016 in the amount of TT$0.02 per share. The dividend was declared at the Board Meeting held on May 26, 2017 after taking into consideration certain financial, legal, contractual and economic factors. The dividend payment will be made on July 19, 2017 to shareholders listed on the Register of Members, as at a Record Date to be fixed.

Change to Board of Directors

Ms. Alison Lewis and Mr. Bryan Ramsumair ceased to be directors of the Company. By correspondence dated May 1, 2017 and May 19, 2017, (as published on May 4, 2017 and May 25, 2017 respectively), Ms. Alison Lewis and Mr. Bryan Ramsumair tendered their respective resignations from the Board of Directors of Trinidad Cement Limited, effective as of the scheduled date of the next Annual Meeting of the Company. Accordingly, effective May 26, 2017, the resignations of Ms. Lewis and Mr. Ramsumair took effect.

2. Resignation of a Director

By correspondence dated May 26, 2017, Mr. Jean Michel Allard tendered his resignation from the Board of Directors of Trinidad Cement Limited with effect from June 1, 2017.

Mr. Allard will continue to serve as a director of the Company until the effective date of resignation.

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 June 1, 2017