May 2007 Financial News

Courts to decide cost of FCIB shares

May 01, 2007

THE COURTS will now have to decide a fair price for the sale of FirstCaribbean International Bank (FCIB) shares for some of the company's minority shareholders.

This as CIBC Investments (Cayman) Limited (CICL), now more than 91 per cent owner of the regional bank, made an offer to minority shareholders to purchase the remaining shares in the company earlier this year.

Interim chairman of the Group of Concerned FCIB Minority Shareholders, Peter Permell, told the Express yesterday that in accordance with by-law 26 of the Securities Industry Take-Over By-Laws 2005, and pursuant to the CICL Offeror's Notice of February 27, 2007, the appraisal rights in respect of their FCIB shares expired on April 28.

He said what this means is that shareholders who were dissatisfied with the offer price of US$1.63 being made by CICL, a wholly owned subsidiary of CIBC, had until Saturday to notify CICL in writing that they wished to have the fair value of their FCIB common shares fixed by the court.

He added, however, that only those shareholders who formally notified CICL by that date would be entitled to benefit from this statutory provision.

Many concerned shareholders, including Permell himself, have opted for the courts to decide on the price.

Source:
Driselle Ramjohn dramjohn@trinidadexpress.com
The Trinidad Express
Tuesday May 1, 2007

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