Feb 2023 Financial News

ANSA McAL Limited - Notice of Material Information - Acquisition of Colfire

Feb 09, 2023

Following the launch of an offer and take-over bid to the shareholders of Colonial Fire & General Insurance Company Limited (“Colfire”) on December 29, 2022 by Trinidad and Tobago Insurance Limited (“TATIL”), a wholly-owned subsidiary of ANSA Merchant Bank Limited (“AMBL”), whose ultimate parent is ANSA McAL Limited (“ANSA McAL”) (ANSA McAL owning 82.5% of AMBL shares), to acquire all the issued and outstanding ordinary shares in Colfire at a cash price of TT$20.32 per ordinary share (the “Offer”), on February 6, 2023, TATIL initiated the process to take up and pay for 15,357,405 ordinary shares representing 97.5% of the total shareholding in Colfire, duly and validly deposited pursuant to the Offer.

Since the Offer has been accepted by shareholders holding at least 90% of the total shareholding in Colfire, TATIL shall acquire from each shareholder in Colfire who did not accept the Offer, the shareholding in Colfire not deposited under the Offer, which represents 2.5% of the total shareholding on the same terms of the Offer, by compulsory acquisition pursuant to the provisions of Section 202 of the Companies Act Chap. 81:01 of the Laws of Trinidad and Tobago.

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The Trinidad and Tobago Stock Exchange Limited
Thursday 9th February, 2023