Sep 2018 Financial News

Republic Financial Holdings Limited - Signing of Implementation Agreement to acquire Cayman National Corporation Limited

Sep 17, 2018

Further to notices dated August 6, 2018 and September 12, 2018 and published on August 8, 2018 and September 14, 2018 respectively, Republic Financial Holdings Limited (“RFHL”) advises that on September 14, 2018 an implementation agreement has been executed between its wholly owned subsidiary, Republic Bank Trinidad and Tobago (Barbados) Limited (“RBTTBL”) and Cayman National Corporation Limited (“Cayman National”) for RBTTBL to make an offer to acquire a minimum of 51% and up to 74.99% of the issued shares of Cayman National. The Offer was made on September 14, 2018 by way of tender offer to the Cayman National shareholders at US$6.25 per Cayman National share.
 

RBTTBL is a licensed offshore international financial business operating pursuant to the International Financial Services Act, CAP. 325 of the Laws of Barbados. As part of its structure, RBTTBL is the sole shareholder of Republic Bank (Cayman) Limited which is RFHL’s subsidiary operating within the Cayman Islands.
 

Established in 1974, Cayman National is the largest financial services company based in the Cayman Islands,providing banking, trust and company management, fund administration, and wealth management services to clients locally and around the world, from the Cayman Islands, and the Isle of Man, with an office also in Dubai. Cayman National is publicly traded on the Cayman Islands Stock Exchange.
 

While this transaction is anticipated to be completed within a few months, RFHL advises that its completion is subject to all entities obtaining all necessary corporate and regulatory approvals. We will notify shareholders when the transaction has been completed.

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 17 September, 2018