Nov 2017 Financial News

Trinidad Cement Limited - Further Increase in Shareholding in Readymix (WI) Limited

Nov 24, 2017

Further increase in shareholding of Trinidad Cement Limited (“TCL”) in Readymix (West Indies) Limited (“Readymix”) via the offer and take-over bid issued by TCL for Readymix dated March 27, 2017, as amended on March 31, 2017 (“Offer") the “mop-up provisions under by-law 8 (3) of the take-over by-laws, and the exercise of shareholders’ rights to require TCL to acquire their Readymix shares under by-law 26 of the take-over by-laws

Further to our notice issued on June 01, 2017, which provided shareholders with an interim update on the shareholding of TCL in Readymix subsequent to the Offer, and the acquisitions made during the "Mop-Up" period under By-Law 8(3) of the Securities Industry (Take-Over) By-Laws, 2005 ("By-La ws"), TCL hereby advises as follows:

1. By Notices dated June 02, 2017 and June 22, 2017, TCL advised the remaining Readymix Shareholders of their right to require TCL to acquire their Readymix Shares and to make an election as to price, pursuant to By-Law 26 of the By-Laws.        
2. Arising out of certain Readymix Shareholders exercising their right under By-Law 26 to require TCL to acquire their shares, to date TCL has increased its shareholding by a further 59,726 Readymix Shares.
3. Prior to the commencement of the Offer, TCL held 8,531,977 Readymix Shares. The number of Readymix Shares acquired pursuant to the Offer, after acquisitions during the "Mop-Up" period under By-Law 8(3), and to date after acquisitions under By-Law 26, amount to 3,195,735.
4. As at November 22, 2017, the aggregate number of Readymix Shares owned by TCL is 11,727,712, which represents approximately 97.73% of Readymix's total issued and outstanding shares.
5. A further notice will be issued advising of TCL's final shareholding in Readymix, after all transactions arising under By-Law 26 have been duly concluded.
    

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday November 24th 2017