Apr 2019 Financial News

NCB Financial Group Limited - Update on the Status of Guardian Holdings Limited Take-Over Bid

Apr 01, 2019

On February 14, 2019, NCBFG’s wholly owned subsidiary NCB Global Holdings Limited (‘NCBGH’) announced the extension of a bid to acquire a controlling interest in GHL in the light of certain outstanding approvals. These approvals remain outstanding. However, on March 29, 2019, Trinidad & Tobago’s Minister of Finance made an announcement at a press conference regarding the transaction. He reported that he had received advice to the effect that US$45 million in vendor financing contemplated for completion of the transaction should not be applied in the manner we had contemplated, which would have involved the financing being used on completion to partially offset the amounts that would be payable to the sellers providing the financing.

Once we and our advisors have seen details of the Ministry’s position in relation to the vendor financing, and any other issues (if any) to be addressed, we will revisit the manner in which we propose for settlement to occur and any other revisions to our approach that may be required. Thereafter, a further release and/or further notice will be issued.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 01 April, 2019