Jun 2017 Financial News

Trinidad Cement Limited - Termination of Trust

Jun 23, 2017

NOTICE TO STAKEHOLDERS

TERMINATION OF TRUST

Further to our November 2016 Notice regarding the establishment of a trust pursuant to a trust deed dated November 24, 2016 (the “Trust”) with First Citizens Trustee Services Limited (the “Trustee”) as Trustee, pursuant to which Trinidad Cement Limited (“TCL”) intended to settle the remaining obligations to eligible employees (“Beneficiaries”) under the Memorandum of Agreement entered into with the Oilfields Workers’ Trade Union (“OWTU”) in 2015, regarding an Order of the Industrial Court on certain Trade Disputes and all other outstanding items for the period 2012-2014, TCL recently received a request from the OWTU that TCL allow the Beneficiaries an option to receive their arrears in cash or shares of TCL. Pursuant to such request, TCL has received confirmation that the majority of the Beneficiaries have opted to receive cash instead of shares of TCL. In addition to the foregoing, TCL has been advised by the Trustee that, to date, no TCL shares have been acquired under the terms of the Trust.

As such, in light of the majority of the Beneficiaries opting for cash instead of shares of TCL and to facilitate other arrangements to acquire shares of TCL for those Beneficiaries who have opted to receive shares of TCL, TCL has terminated the Trust with effect from Friday, June 23, 2017.
 

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday June 23, 2017