Jun 2017 Financial News

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

Jun 02, 2017

UPDATE – FURTHER INCREASE IN MAJORITY SHAREHOLDING VIA OFFER AND TAKE-OVER BID ISSUED BY TRINIDAD CEMENT LIMITED (“TCL”) IN READYMIX (WEST INDIES) LIMITED (“RML”)

Further to its Notice published on May 19, 2017, regarding the increase in shareholding of TCL in RML via TCL’s Offer and Take-Over Bid (“Offer”), RML now wishes to advise that it has received the following additional information from TCL:

• As at May 29, 2017, TCL has acquired more than 90% of the outstanding Ordinary Shares (“Shares”) in RML (not including Shares held by TCL at the date of the Offer), pursuant to Shares taken up under the Offer and acquisitions made on the same terms and conditions thereof on the Trinidad and Tobago Stock Exchange (“TTSE”), under the “mop-up” provisions in By-Law 8(3) of the Securities Industry (Take-Over) By-Laws, 2005 (“By-Laws”).
• The number of Shares acquired to date pursuant to the Offer and to the acquisitions by TCL on the TTSE amounts to 3,136,009 Shares, which, together with the 8,531,977 Shares (71.1%) held by TCL prior to the Offer, amounts to 11,667,986 Shares, or approximately 97.23% of the outstanding Shares in RML.
• In accordance with the obligations of TCL under By-Law 26 of the Take-Over By-Laws and Section 202 of the Companies Act Ch. 81 No. 01, TCL intends to issue a notice to all remaining holders of Ordinary Shares in RML to advise them of their statutory rights and to exercise its statutory right to compulsorily acquire all outstanding shares in RML.

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
Friday June 2, 2017