May 2007 Financial News

T&T court to fix FCIB’s fair value

May 09, 2007

SEVEN FCIB minority shareholders holding 338,454 shares have notified CIBC, the bank’s majority shareholder, that they wish to have the fair value of their shares fixed by the local court.

This announcement came in a release yesterday from FCIB, which is listed on the T&T, Barbados and Jamaica stock exchanges.

In the release, FCIB also announced that 39 shareholders holding 138,509 shares agreed to tender their shares to the bank at an offer price of US$1.6335 cash per common share.

Under by-laws of T&T’s takeover code, FCIB’s majority shareholder, CIBC Investments, was obligated to offer to acquire shares held by FCIB’s other shareholders as a result of CIBC’s acquisition of more than 90 per cent of FCIB’s outstanding shares

The minority shareholders had the option of retaining their shares, selling their shares to CIBC Investments at the Offer Price of US$1.6335 cash per share or selling their shares to CIBC at their fair value, as determined by a T&T court through an appraisal rights proceeding.

The FCIB statement indicated that the bank now considers the Barclays acquisition to be closed except for the seven shareholders availing themselves of the appraisal process.

Some 6,190 FCIB minority shareholders elected to retain their shares, representing 129,365,414 in number, neither accepting CICL’s offer nor seeking appraisal.

FCIB also indicated that it has engaged counsel to initiate the appraisal process within sixty days of the close of the election period, in accordance with T&T law.

Source:
The Trinidad Guardian
Wednesday May 9, 2007

http://www.guardian.co.tt/business2.html